Bank of Canada Policy Rate Announcement July 12 2023
Posted by Corey Sylvester on
Bank of Canada Interest Rate Announcement - July 12, 2023
As widely expected for today's rate announcement, the Bank of Canada has raised their policy rate to 5%. Another .25% mirroring the last increase back on June 7th. This is now the 10th rate increase since early 2022.
Image sourced from Bank of Canada website: https://www.bankofcanada.ca/2023/07/fad-press-release-2023-07-12
The Bank of Canada stated that "Canada’s economy has been stronger than expected, with more momentum in demand. Consumption growth has been surprisingly strong at 5.8% in the first quarter. While the Bank expects consumer spending to slow in response to the cumulative increase in interest rates, recent retail trade and other data suggest more…
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