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Bank of Canada Maintains Interest Rates, Adopts Vigilant Stance on Inflation
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In the April resolution, the Bank of Canada maintained its key interest rate at 5%, a move that was largely anticipated. The bank avoided suggesting when rate cuts might begin, citing ongoing inflation risks.
Despite acknowledging a reduction in price pressures across many goods and services since their last policy meeting, the bank emphasized uncertainties in the economic environment and unexpectedly high prices for commodities like oil, which impede a steadier decline in inflation. Governor Macklem of the Bank of Canada remarked that recent trends indicate a reduction in core inflation, but current data does not yet support a shift to a more relaxed monetary stance with confidence. As a result, the bank projects that inflation will hover around 3% in the first half of the current year, only descending to the target of 2% by 2025. Meanwhile, signs of strong global economic growth have led to predictions of a robust domestic economy, expecting a GDP growth of 1.5% this year and an increase to 2.2% by 2025.
As the robust US dollar overshadowed the Bank of Canada’s hawkish stance, the Canadian currency depreciated beyond 1.364 per USD in April, reaching its lowest point since late November.
(USDCAD Monthly Chart)
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