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Bank of Canada drops key rate by 50 basis points!

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The Bank of Canada announced today that it is lowering the benchmark rate by 50 basis points as the coronavirus delivers a material negative shock to the Canadian and global economies. The rail blockades, Ontario teacher strikes, and winter storms in some regions have also dampened economic activity. The Bank indicated they are ready to further adjust monetary policy going forward if required.


The next rate-setting day is Wednesday, April 15th. 

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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.

 

The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.

 

The next rate-setting day is October 22nd.

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