The Bank of Canada
The Bank of Canada has maintained its target for the overnight rate at 4.5% and its policy of quantitative tightening. Inflation is easing due to lower energy prices, normalizing global supply chains, and tighter monetary policy, but labor markets remain tight and measures of core inflation in many advanced economies suggest persistent price pressures. Economic growth in Canada is stronger than anticipated, with demand exceeding supply and a tight labor market, but consumption is expected to moderate as more households renew their mortgages at higher rates and softening foreign demand restrains exports and business investment. CPI inflation is expected to fall quickly to around 3% in the middle of this year and then decline more gradually to the 2% target by the end of 2024. The Bank remains prepared to raise the policy rate further if needed to return inflation to the 2% target.
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