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The Bank of Canada held its policy interest rate at 5 percent and downgraded its growth forecast for the economy on Oct. 25.
The Bank of Canada stated that it will take a pause from raising interest rates after its quarter-point (25 basis points) hike to 4.5 percent on Jan. 25.
Central banks have their eye on climate change developments but are unequivocal in their understanding that it falls outside their mandate of ensuring stable prices.
The renewal of the Bank of Canada’s mandate, stating that policy decisions will now also emphasize “maximum sustainable employment” while noting that this is “not directly measurable,” has brought out skeptics.
Central banks are under pressure to fight mounting inflation that’s looking less transitory than what they initially suggested.
The Canadian dollar’s strength is acting as a headwind for the country’s economic recovery, but its rally isn’t happening in isolation, as broad U.S. dollar weakness has been a trend since last spring
