, the Bank of Canada decided, in its meeting moments before, to raise interest rates by 50 basis points for the second month in a row, to reach 1%, compared to 0.50%. The balance sheet will decrease over time.
The interest statement issued by the bank stated that economic growth in Canada is strong and that wage rates are returning to the pre-pandemic pace, as the bank expects the Canadian economy to grow by 4.25% this year and to slow down slightly to 3.25% next year and to 2.25% in the year 2024 .
Inflation rates reached 5.7% in Canada, higher than the bank’s expectations for monetary policy in January due to the rise in energy and food prices. It is expected to reach 6% in the first half of this year, but the bank expects inflation to decline to about 2.5% in the first half of 2023 and to a target The bank is 2% in the year 2024.
The Canadian dollar is trading at 1.2644 levels against the US dollar, with an increase of more than 30 pips.
02/11/2024
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