The Bank of Canada has left its policy interest rate unchanged in its latest decision, opting not to raise rates further amid signs that the national economy is beginning to slow.

The central bank announced this morning that it was holding that trednsetting interest rate steady at 5.0% the second time in a row it has kept rates where they are as inflation continues to moderate and economic growth remains largely flat.

 In its statement accompanying the decision, the Bank said it was prepared to raise the policy rtae further if required, emphasizing it's concern that " progress towards price stability is slow and inflationary risks have increased."

 Overall inflation slowed more dramatically in September than markets had expected, to 3.8% while gross domestic product (GDP) growth also moderated noticeably towards the end of the summer.

The Bank of Canada is scheduled to announce it's final decision on interest rates for 2023 on December 6, 2023.

Courtesy of Darcy Doyle at The Mortgage Professionals: [email protected] 

https://themortgageprofessionals.ca/