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The Bank of Canada is shown in Ottawa on Tuesday, July 12, 2022.
However, if economic developments stay in line with its current projections, the central bank said it expects to hold its key interest rate at its current level. According to the report, the central bank expects inflation to slow faster than it had previously anticipated. It’s forecasting the annual inflation rate will fall to three per cent by mid-2023 and to its two per cent target in 2024.
Statistics Canada’s latest labour force survey revealed unemployment in Canada is near historical lows, with the unemployment rate at five per cent in December. Although the Bank of Canada appears to be optimistic that it can hold interest rates at current levels, it’s also keeping the door open to further action if necessary.
Globally, the central bank said growth has been stronger than expected as consumers have continued to spend.
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