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Bank of Canada Holds Interest Rate Steady

Stockhouse Editorial
0 Comments| July 10, 2019


The Bank of Canada is leaving its key interest rate unchanged at 1.75%.
 
For the sixth-straight meeting, this was said to be based upon balances among domestic economic improvements with an expanding global slowdown caused by trade conflicts.
 
The central bank is also updating its projections that predict annualized economic growth this year of 1.3%, up slightly from its April forecast of 1.2%, and an expansion of 1.9% in 2020, down from its previous call of 2.1%.
 

 The Bank of Canada said in a statement that the Canadian economy is returning to potential growth, according to recent data. Fallout from the uncertain international trade environment was also reflected in the bank's updated economic projections.
 
As policymakers in the US and Europe signal they may introduce cuts, governor Stephen Poloz is not committing to any moves to change the rate.
 
The Canadian economy is rebounding at a stronger-than-expected pace from a weak run that nearly ground the economy to a halt in late 2018 and early 2019.



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