Bank of Canada holds key rate at 1%

In no rush to hike interest rates

The Bank of Canada held its trend-setting Bank Rate at 1.25 per cent on May 31, 2011. This marks the sixth consecutive policy rate announcement for which interest rates have been kept on hold.

 

The Bank now sees headline inflation as staying above 3 per cent in the short term. It nonetheless maintained its inflation outlook included in its April Montary Policy Update, which indicated that inflation in Canada would hit two per cent by mid-2012.

Financial markets have recently increased bets that interest rates are on hold until at least September. The prevailing view among economists is that the Bank Rate will be no more than three-quarters of a percentage point above its current level of one per cent.

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