Bank Rate Still 0.25%

CBJ — On Tiff Macklem’s first full day as governor at the Bank of Canada the central bank has decided to keep its overnight trendsetting rate at 0.25%.

There is a belief that the impact of the global pandemic has peaked, but it remains unclear just how long the recovery process will take and therefore the bank feels it’s best to keep the rate unchanged.

Although the rate announcement comes under Macklem’s tenure it is quite likely that now former governor Stephen Poloz would have been extremely influential in determining the final decision.

Next up, economists will be watching closely to see what the numbers reveal when Statistics Canada releases job market figures on Friday.