OTTAWA — The Bank of Canada is widely expected to hold its key interest rate steady on Wednesday as the Canadian economy bends to higher interest rates and inflation resumes its downward trend.
The central bank held its key interest rate steady at five per cent last month but kept the door open to more rate hikes, citing concerns about the persistence of underlying price pressures.
"We were kind of breathing a sigh of relief a little bit after the last inflation numbers," said Andrew Grantham, CIBC executive director of economics. On the jobs front, employment continues to rise as Canada's population continues to surge, but the job market is not as robust as it was in 2022. Job vacancies have fallen and the unemployment rate has edged higher to 5.5 percent.
"We know that there's more to come because we know that actually, fewer than 50 per cent of mortgage holders in Canada have been exposed to higher interest rates," said Grantham.
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