Did Bank of Canada hold interest rates on March 8?

The Bank of Canada building in Ottawa. Photo by Sean Kilpatrick/The Canadian Press The Bank of Canada held interest rates on March 8, keeping its key policy rate at 4.5 per cent. This advertisement has not loaded yet, but your article continues below.

What is Bank of Canada's overnight rate target?

Here’s the Bank of Canada’s official statement for its rate decision: The Bank of Canada today held its target for the overnight rate at 4.5 per cent, with the bank rate at 4.75 per cent and the deposit rate at 4.5 per cent. The bank is also continuing its policy of quantitative tightening.

What is the bank of Canada's inflation target?

The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening. Global inflation remains high and broad-based.

What happens if interest rate increases in Canada?

If the interest rate increases, it may be harder to qualify for loans, and consumers may have to adjust their spending habits to accommodate higher debt payments. On the other hand, if the interest rate remains the same, Canadians may have more confidence in borrowing and spending, which could boost economic activity.