Bank of Canada isn’t expecting interest rate cuts this year as it maintains hold

The head of the Bank of Canada poured water on market expectations for interest rate cuts in 2023 as the central bank maintained its key policy rate on Wednesday.

The Bank of Canada held its benchmark interest rate at 4.5 per cent in a second consecutive decision, a move largely in line with economists’ expectations.

Though the Canadian economy has been off to a hot start, the central bank’s policymakers signalled that stronger than expected GDP growth and a tight labour market haven’t disrupted the Bank’s forecasts for inflation to cool to around three per cent by the middle this year.

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