Bank Rate Remains 1.75%
CBJ — As widely anticipated, the Bank of Canada kept its trendsetting overnight interest rate at 1.75%.
Bank of Canada Governor Stephen Poloz says the domestic economy has held up well and inflation has consistently come in at or near the desired 2% level.
The bank is projecting a 1.5% growth increase for the year and forecasts an expansion of 1.7% for 2020.
Meanwhile in the United States, the Federal Reserve cut interest rates for a third time due to a slowing economy amid trade disputes, mainly with China. The federal rate, which affects the cost of mortgages, credit cards and other borrowing, will now hover between 1.5% and 1.75%.