The Bank of Canada held interest rates today and has made no further changes to their quantitative easing program.
With increased vaccinations across the globe, economic activity is growing in most countries. The Bank had this to say about Canada specifically:
“With vaccinations proceeding at a faster pace, and provincial containment restrictions on an easing path over the summer, the Canadian economy is expected to rebound strongly, led by consumer spending. Housing market activity is expected to moderate but remain elevated. Strong growth in foreign demand and higher commodity prices should also lead to a solid recovery in exports and business investment. Despite progress on vaccinations, there continues to be uncertainty about the evolution of new COVID-19 variants. More broadly, the risks to the inflation outlook identified in the April MPR remain relevant.”
FOR THE BANK OF CANADA FULL ANNOUNCEMENT CLICK HERE: BANK OF CANADA RELEASE