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Canada Bank of Canada to update economic outlook with first rate announcement of 2021

12:29  20 january  2021
12:29  20 january  2021 Source:   msn.com

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Starting in 2021 , the target for the overnight rate will take effect on the business day following each rate announcement . This differs from the Bank ’s The scheduled dates for the release of the 2021 issues of the Business Outlook Survey and the Canadian Survey of Consumer Expectations are as follows

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ While economies are re-opening, the global and Canadian outlook is extremely uncertain, given the The next full update of the Bank ’s outlook for the economy and inflation, including risks to the

OTTAWA — Canada's central bank will update its economic forecast for the country Wednesday when it announces its interest-rate decision, offering a glimpse into its outlook for COVID-19 recovery.

  Bank of Canada to update economic outlook with first rate announcement of 2021 © Provided by The Canadian Press

The Bank of Canada said in October the country had been spared from a worst-case economic scenario, but it still didn't see a recovery taking hold until at least 2022.

Since then, case numbers have grown and severe restrictions put in place in parts of the country to curb the spread of COVID-19.

Given the economic conditions, there is widespread expectation that the Bank of Canada will decide today to keep its trendsetting policy rate at 0.25 per cent.

Bank governor Tiff Macklem has said the key rate won't move from near-zero until inflation is back at the bank's two-per-cent target.

Separately this morning, Statistics Canada will release its headline inflation reading for December.

Financial data firm Refinitiv says the average economist estimate is for a one per cent increase in prices at the end of 2020 compared to the same month in 2019.

This report by The Canadian Press was first published Jan. 20, 2021.

The Canadian Press

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