News

The Bank of Canada today increased its target for the overnight rate to 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.

The Bank projects that the Canadian economy will continue to grow in line with its potential through 2020.

Responses to the autumn Business Outlook Survey indicate that near-term business prospects continue to be robust. Strong demand and elevated capacity pressures support firms’ investment and employment intentions.

Household lending conditions were almost unchanged this quarter, while competition for corporate borrowers continues to drive an easing in business lending conditions.

The Bank of Canada is looking for partners in the private sector and academia to experiment with digital tools and technology, such as artificial intelligence and machine learning.