Bank of Canada seen leaving rates on hold amid economic slowdown
© Reuters. FILE PHOTO: Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. REUTERS/Blair Gable/File PhotoOTTAWA - The Bank of Canada is widely expected to leave its key overnight rate on hold when it announces its decision on Wednesday, mainly because of a slowdown in economic growth but also due to recent data showing that inflation is easing.
Inflation peaked at over 8% last year, but it unexpectedly slowed to 3.8% in September, down from 4.0% in August. Money markets had priced in a 43% chance for a hike on Wednesday before the September inflation data came in. By Tuesday, they had trimmed that to a 14% chance.The Bank of Canada in July said inflation would stay above its 2% target until mid-2025 and growth would stall. Along with the rate decision, the BoC will also release updated economic forecasts.Derek Holt, head of capital markets economics at Scotiabank, said the BoC's 1.
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