The Bank of Canada announced today that it is maintaining its target for the overnight rate at 1.75 per cent.
The Bank expects canadian economic growth to pick up, starting in the second quarter of this year. Housing activity is expected to stabilize given continued population gains, the fading effects of past housing policy changes, and improved global financial conditions.
Given all of these recent developments, Governing Council judges that an accommodative policy interest rate continues to be warranted. They will continue to evaluate the appropriate degree of monetary policy accommodation as new data arrive. In particular, they are monitoring developments in household spending, oil markets, and global trade policy to gauge the extent to which the factors weighing on growth and the inflation outlook are dissipating.
The next scheduled date for announcing the overnight rate target is May 29, 2019.
To learn more: Bank of Canada official press release