BoC Holds Rates at 2.25% and Warns of Energy Price Risks
The Bank of Canada kept its key interest rate at 2.25% today. Governor Tiff Macklem warned that officials are prepared to hike costs if high oil prices persist.
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The Bank of Canada maintained its key policy rate at 2.25% on Wednesday, though Governor Tiff Macklem issued a stern warning that the central bank is prepared to resume rate hikes if escalating energy prices lead to entrenched inflation. While the decision to hold rates was widely anticipated, the bank noted that the ongoing conflict in the Middle East is likely to exert upward pressure on gasoline prices and short-term inflation metrics in Canada.
