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Bank of Canada maintains policy rate, continues quantitative tightening
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening. The global economy is slowing and growth is forecast to moderate further as past increases in policy rates and the recent surge in global bond yields weigh on demand. The Bank projects global GDP growth of 2.9% this year, 2.3% in 2024 and 2.6% in 2025. While this global growth outlook is little changed from the July Monetary Policy Report (MPR), the composition has shifted, with the US economy proving stronger and economic activity ... (full story)
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BOC: WE ARE PREPARED TO RAISE POLICY RATE FURTHER IF NEEDED.
— Breaking Market News (@financialjuice) October 25, 2023
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BOC sees "clearer signs that monetary policy is moderating spending and relieving price pressures"
— ForexLive (@ForexLive) October 25, 2023
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BoC:
— DailyFX Team Live (@DailyFXTeam) October 25, 2023
-Bank's preferred measures of core inflation show little downward momentum; BoC wants to see downward momentum in core inflation
-There is growing evidence in Canada that past rate hikes are dampening economic activity and relieving price pressures