Bank of Canada Keeps Rates Unchanged, Needs More Evidence Of Slowing Inflation Before Cuts

The Bank of Canada (BoC) maintained its current interest rates for the sixth consecutive meeting, signaling a potential shift towards rate cuts but requiring more evidence of slowing inflation, akin to the approach of the Federal Reserve.

The decision to leave the benchmark overnight rate unchanged at 5% was widely anticipated. The BoC adjusted its forecasts, lowering the 2024 CPI forecast to 2.2% while revising upward the 2024 GDP forecast to 2.1%.

However, the 2025 CPI forecast was unchanged at 2.1%, with a downward revision for 2025 to 2.2% from 2.7%.

BoC Governor Macklem emphasized the need for sustained progress towards price stability and expressed caution regarding recent declines in core inflation, Zero Hedge reported.

READ MORE: https://www.zerohedge.com/markets/bank-canada-keeps-rates-unchanged-needs-more-evidence-slowing-inflation-cuts

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