06 Dec Bank of Canada maintains overnight rate, but when will rates rise in 2018?
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The Bank of Canada announced today that it would hold its target for the overnight rate at one per cent. But will there be further rate increases next year?
The decision comes after the bank hiked the overnight rate, which influences the mortgage market, by 25 basis points in both July and September. Prior to these hikes, the overnight rate sat a historically low level of 0.5 per cent.
“Recent Canadian data are in line with October’s outlook, which was for growth to moderate while remaining above potential in the second half of 2017,” writes the Bank of Canada, in a statement.