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Bank of Canada Governor Tiff Macklem addresses reporters on March 6, 2024. Image: YouTube video capture

Bank of Canada holds interest rate at 5 percent

By Kevin Northup Apr 10, 2024 | 10:58 AM

The Bank of Canada has held its key interest rate at five percent.

That benchmark has been held since last July.

Economists had predicted the rate would stay the same.

The bank says while inflation is still too high and risks remain, core inflation has eased a bit in recent months.

They say they’ll be looking for evidence that the downward momentum can be sustained.

Canada’s inflation rate was 2.8 percent in February.