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Bank of Canada Keeps Benchmark Interest Rate Steady at 1%

On behalf of Lorraine Gingras| Mortgage Specialist l RBC Royal Bank 

The Bank of Canada has decided to keep its benchmark interest rate steady at 1 per cent.

The bank’s rate, officially known as the target for the overnight rate, has a large impact on the rates that retail banks offer consumers on savings accounts and loans.

The bank has already hiked its rate twice this year — once in July and then again last month.

Those moves came amid signs that Canada’s economy was heating up, but since then economic indicators have been more subdued, which helps to explain the bank’s cautious tone.

“The current stance of monetary policy is appropriate,” the bank said in announcing its decision. “While less monetary policy stimulus will likely be required over time, [the bank] will be cautious in making future adjustments to the policy rate.”

None of the economists polled by Bloomberg were expecting the bank to move its rate. But currency traders were caught a little by surprise — the Canadian dollar lost more than half a cent to trade at 78.34 cents US within seconds of the bank’s decision coming out.

Along with its rate decision, the bank also released its Monetary Policy Report, which comes out four times a year and provides a deeper dive into the bank’s line of thinking.

The bank said it expects inflation to rise to two per cent by the end of next year — a little later than expected, because of strength in the Canadian dollar.

The bank says it expects Canada’s economy to expand by 3.1 per cent in 2017, 2.1 per cent in 2018 and 1.5 per cent in 2019.

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Whether you need to borrow a little or a lot, we have an option that can suit your situation. For more information on customizing a mortgage for your needs, or to apply:

 

Lorraine Gingras| Mortgage Specialist l RBC Royal Bank |Royal Bank of Canada | 4501 West 10th Avenue, Vancouver , BC V6R 2J2 l T. 604-315-6216  l lorraine.gingras@rbc.com

 

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add source: http://www.cbc.ca/news/business/bank-of-canada-interest-rate-1.4370809

 

 

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