The Bank of Canada held its policy rate at 5 per cent on Wednesday, saying it needs to see a sustained decline in inflation before rate cuts can begin.
“I realize that what most Canadians want to know if when we will lower our policy interest rate,” said Bank of Canada Governor Tiff Macklem. “What do we need to see to be convinced it’s time to cut? The short answer is we are starting to see what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained.”
The central bank projects inflation to ease from 3 per cent earlier in of 2024 to 2.5 per cent by the end of this year. Inflation is expected to return to target by 2025, and fell to 2.8 per cent in February. #shorts
Subscribe to CTV News to watch more videos:
Connect with CTV News:
For live updates and latest headlines visit:
For breaking news, fast, download the CTV News App:
Must-watch stories and full programs at
CTV News on TikTok:
CTV News on X (formerly Twitter):
CTV News on Reddit:
CTV News on LinkedIn:
—
CTV News is Canada’s most-watched news organization both locally and nationally, and has a network of national, international, and local news operations.