Bank of Canada expectedly kept interest rates unchanged

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The Bank of Canada announced the decision taken at the meeting in May to leave interest rates unchanged. The overnight rate was kept at 1.75%. The Canadian regulator expects economic growth to accelerate in the second quarter. According to its estimates, in the coming months, inflation will be close to 2%, that is, it will practically correspond to its target indicator. The Central Bank also said that it will closely monitor the level of inflation and other economic indicators and, depending on them, make its own political decisions. After the last rate hike in October 2018, the Central Bank took a wait-and-see stance against the background of high household debt, as well as due to continued tension in trade relations between the United States and China. Bank experts point out the negative impact on Canadian exports of trade restrictions imposed by China. The regulator also noted signs of recovery in the oil sector and stabilization of the country's housing market.

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