The Bank of Canada announced today that it is maintaining its target for the overnight rate at 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 percent.
Recent indicators suggest consumption in Canada is holding up relatively well, given the impact of lower oil prices on gross domestic income.
This is now the third consecutive announcement where the Bank of Canada has maintained the overnight rate. This was anticipated by most economists.
The next scheduled Bank of Canada date for announcing the overnight rate target is July 15th, 2015. At that time I will be sure to post all the exciting highlights. Let’s see if we can do 4 in a row!
Here is the official press release from the Bank of Canada for your reference.