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Bank of Canada benchmark interest rate unchanged in October 2017

The Bank of Canada’s benchmark interest rate remains unchanged today, although the Bank indicated future rate hikes are possible. The Bank of Canada indicated that the strength of the Canadian dollar is expected to reduce the rate of inflation. Various factors were mentioned, such as U.S. trade flux — such as the renegotiation of the North American Free Trade Agreement. Also mentioned were various worldwide political and economic developments.

Never-the-less, the Bank held the rate — still considered low after two summer rate increases — for this announcement.

 

Bank of Canada.

 

The Bank of Canada indicated that it expects economic to moderate, as housing and consumer related aspects are factored in. The last two quarters have been big-performers for the Canadian economy. The bank forecasts future growth to slow from the current 3.1% (measured as gross domestic product) to 2.1% in 2018 and even lower to 1.5% for 2019.

 

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