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BoC Says It's Too Early To Consider Interest-Rate Cuts

BOC
  • BoC holds overnight rate at +5% and says "It’s still too early to consider lowering the policy interest rate."
  • The Bank remains concerned about the persistence of underlying inflation.
  • "We need to give higher rates more time to do their work."
  • The Bank dropped reference of inflation returning to target in 2025, but maintained that CPI will remain close to +3% in H1 2024 before gradually easing.
  •  The BoC reiterated that the economy is in modest excess supply and now sees signs that wage pressures are easing.
  • "While we could not rule out the need to raise rates further if there were new inflation surprises, we indicated that our discussions were shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level."
  • The BoC maintained their policy of Quantitative Tightening. 
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