The Bank of Canada announced on October 22nd, 2014 that it was holding its trend-setting overnight lending rate at 1 per cent.
Its most recent rate announcement and Monetary Policy Report suggest a number of reasons why interest rates aren’t going up anytime soon:
- Recovery in exports not ready to stand on own legs.
- Business investment remains weak
- Inflation is on target.
- Global uncertainty.
- Canadian economic growth will be running below capacity for longer.