Bank Steadies itself as Possible Domino Effect Threatens European Economies
What a large number of analysts have been predicting for months has proven true; the Bank of Canada has opted to keep its benchmark, overnight interest rate at 1 per cent.
The rate announcement came with a message: at present, combating inflation needs take a back seat to spurring economic growth amid the debt crises being faced in European and U.S. markets.
“The U.S. economy has grown at a slower pace than expected and continues to be restrained by the consolidation of household balance sheets and slow growth in employment,” a press release issued by the BoC stated. Continue reading “Bank of Canada Holds Prime Rate in Face of Unpredictable Global Climate”