Write For Us

Bank of Canada holds interest rate steady amid surging inflation, warns hike is on horizon | FULL

Sponsored Post Vitamin D2 Canada Persia
66 Views

  • Thanks! Share it with your friends!

    You disliked this video. Thanks for the feedback!

ava
Published
The Bank of Canada announced Wednesday it would hold its interest rate steady amid surging inflation, but warned a hike is on the horizon.

The central bank dropped its overnight rate drastically at the start of the pandemic to just 0.25 per cent. It had said previously it would keep it at that rock-bottom level until mid-year.

However, Bank of Canada Governor Tiff Macklem says interest rates will eventually need to rise in order to reduce inflation.

Macklem says he expects inflation will remain at five per cent for the first half of 2022, before falling to three per cent by the end of the year.

He cities supply chain constraints and rising food prices as two major drivers of inflation.

For more info, please go to https://globalnews.ca/news/8539085/bank-of-canada-interest-rate-decision-2/?utm_source=site_banner

Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #CanadaInterestRate #BankOfCanada
Category
U.S. & Canada
Tags
global news, Bank of Canada interest rate, Is Bank of Canada raising the interest rate
Sign in or sign up to post comments.
Be the first to comment