Bank of Canada Holds Interest Rates, Economy Shows Signs of Slowdown

The Bank of Canada has decided to maintain its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The global economy is slowing down, and inflation has eased further. In Canada, economic growth has stalled, with higher interest rates restraining spending. The labor market is easing, and inflationary pressures are reducing. The Bank remains prepared to raise the policy rate further if needed and is committed to restoring price stability.