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Bank of Canada resists pressure to cut its interest rate — for now

By Pete Evans for CBC News

Central bank leaves key rate at 1.75%, but appears ready to adjust lower.

Bank of Canada Article CBC News title photo

Canada’s central bank has decided to keep its benchmark rate at 1.75 per cent, despite “escalating trade conflicts” that are starting to take a toll on the country’s economy.

The Bank of Canada said Wednesday it has elected to neither raise nor lower its benchmark rate, judging the economy to be growing at a healthy clip despite uncertainty over international trade.

The bank noted that exports are growing, the housing market is showing signs of a rebound, and wages are picking up.

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On the flip side, business investment is weakening because of the trade war, which is why the bank thinks the economy will likely slow down in the second half of this year. “As the U.S.-China trade conflict has escalated, world trade has contracted and business investment has weakened,” the bank said.

After weighing the pros and cons, the bank decided to keep rates right where they are — for now.

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