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No Bank of Canada Rate Change

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We are deeply saddened by the recent tragic events that unfolded in Ottawa and St-Jean-sur-Richelieu, and send our thoughts to the families of our fallen Canadian soldiers. Thank you so much for your service.

 

While the Bank of Canada Governor Stephen Poloz did not appear before the House of Commons Finance Committee, a Bank of Canada press release was issued earlier in the morning that announced it is keeping the overnight rate unchanged, exactly where it’s been for more than four years, noting that the rate is “appropriate” for the current state of the economy. The prime rate stays at 3%.

 

The next rate-setting day is December 3rd.

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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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