The Bank of Canada has announced its key overnight interest rate will remain at five per cent, keeping its benchmark the same for the fourth time in a row.
Today's announcement was predicted by many economists. The central bank last raised interest rates in July 2023.
At a press conference on Wednesday morning, the central bank's governor, Tiff Macklem, said discussions at the Bank of Canada are now shifting from how high to how long.
Instead of looking primarily at whether the bank's policy-setting interest rate is high enough, the bank is now considering how long its "current restrictive stance" of a higher interest rate needs to be in place.
