Central Bank Announcement Last Week

Last week, the Bank of Canada made its third interest rate decision of 2021 and presented projections for inflation and growth in the economy.

The announcement came just as Statistics Canada reported that the consumer price index was higher by 2.2% year over year in March and as speculation ramped up that the Bank would reduce its pandemic-driven bond buying program in response to improving economic conditions.

In the end, the Bank held its overnight rate steady – which is great news for homebuyers – but also suggested that its policy interest rates could be affected (i.e. rise) as early as the second half of 2022 if its inflation projections are accurate.

For a full report on this announcement, visit the article on Bank of Canada’s website here.

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