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By Reuters Staff
3 Min Read
TORONTO (Reuters) - The Bank of Canada on Wednesday left its key overnight interest rate unchanged at 0.25%, as expected, and said it would maintain its current policy of quantitative easing. The central bank reiterated that it would leave rates unchanged until economic slack is absorbed, currently expected at some point in 2023. It made the comments in a regular rate decision statement.
FILE PHOTO: Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. REUTERS/Blair Gable
COMMENTARY
DOUG PORTER, CHIEF ECONOMIST AT BMO CAPITAL MARKETS
3/10/2021 12:01:49 PM GMT | By FXStreet Team
The Bank of Canada (BoC) is set to leave interest rates unchanged and may also comment on the increase in returns on Canadian debt amid better growth prospects in its Rate Statement due out at 15:00 GMT. As we get closer to the release time, here are the expectations as forecast by the economists and researchers of eight major banks, regarding the upcoming announcement.
Ahead of the event, WTI Oil is trading around $64, off the highs seen earlier in the week and allowing USD/CAD to bounce above 1.2650.
TDS
“We look for the Bank of Canada to leave policy and forward guidance unchanged as Governing Council attempts to balance an improving outlook against a market that is already pricing rate hikes by mid-2022. This should result in a brief policy statement that acknowledges the recovery has outpaced expectations while tying forward guidance back to forecasts from the January MPR.”