The Bank of Canada will keep its key interest rate steady at 4.50% through 2023, according to most economists polled by Reuters, with an even smaller minority now expecting an interest rate cut by year-end than a poll taken a month ago.
, BoC Deputy Governor Toni Gravelle said the Canadian banking system had a well-earned international reputation for stability, suggesting policymakers are more focused on inflation and how the economy is performing.
Derek Holt, head of capital markets economics at Scotiabank, said the fundamentals of the Canadian economy do not support current market pricing for rate cuts later this year. Quarterly growth forecasts were largely downgraded from a January survey. The economy was predicted to grow 0.7% and 1.4% this year and next, compared with 0.5% and 1.5%, respectively.federal budget and the latest surge in oil prices are good news for the oil-exporting economy, it could make the BoC's job tougher as both risk pressuring inflation higher than the central bank wants.
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