Bank of Canada holds key interest rate steady at 5% in final decision of 2023

The Bank of Canada left its benchmark interest rate unchanged at 5.0 per cent for the third consecutive decision on Wednesday, the final announcement in 2023. However, the central bank continued to warn that its policy rate may need to rise again if inflation doesn’t continue to ease. In a statement announcing the hold, the Bank of Canada said signs of “moderating spending and relieving price pressures” allowed it to keep its policy rate unchanged. Inflation’s decline is “broadening” and the labour market “continues to ease," the statement noted. Overall inflation cooled sharply to 3.1 per cent in October, down from a peak of 8.1 per cent in June 2022. Global's Mackenzie Gray reports. For more info, please go to https://globalnews.ca/news/10151281/bank-of-canada-interest-rate-dec-2023/ 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 #bankofcanada #interestrates

Dec 8, 2023 - 05:00
Bank of Canada holds key interest rate steady at 5% in final decision of 2023

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The Bank of Canada left its benchmark interest rate unchanged at 5.0 per cent for the third consecutive decision on Wednesday, the final announcement in 2023.

However, the central bank continued to warn that its policy rate may need to rise again if inflation doesn’t continue to ease.

In a statement announcing the hold, the Bank of Canada said signs of “moderating spending and relieving price pressures” allowed it to keep its policy rate unchanged. Inflation’s decline is “broadening” and the labour market “continues to ease," the statement noted.

Overall inflation cooled sharply to 3.1 per cent in October, down from a peak of 8.1 per cent in June 2022.

Global's Mackenzie Gray reports.

For more info, please go to https://globalnews.ca/news/10151281/bank-of-canada-interest-rate-dec-2023/

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 #bankofcanada #interestrates

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