Any plans the Bank of Canada had to move interest
rates up are off the table for the foreseeable future as global trade conflicts,
domestic oil and the housing markets slow resulting in a subdued GDP and
inflation growth. On April 24th, the Bank of Canada announced it
will hold the Overnight Lending Rate at 1.75 per cent. This rate is used by
consumer banks to price their variable-rate lending products. The Bank of
Canada has changed their stance from two years ago when they predicted multiple
rate hikes in 2019.
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