Bank of Canada once again holds interest rates steady

The Bank of Canada has once again held its interest rates steady.
The BoC announced this afternoon that its overnight rates would remain at five percent for now.
However, this has not stopped Canadians and investors alike to hope for a rate cut soon in 2024.

The Bank of Canada (BoC) announced today that it would hold interest rates steady at five percent, in line with expectations.

This is the fifth consecutive BoC meeting which has resulted in no change to the country's interest rates. Read about the previous meetings and effects on the CAD here.

The BoC had this to say in connection with the announcement:

Rate cuts nowhere in sight

Governor of the BoC Tiff Macklem gave a surprisingly hawkish opening statement at the bank's press conference announcing the interest rate this afternoon:

With persisting worries about inflation from the governor, it seems that - contrary to what some consumers are hoping - the BoC is unlikely to drop interest rates in the near future.