Discussion posted by: David McNamara
The Bank of Canada is holding steady as its new leader takes the helm, keeping its benchmark policy rate low to spur the economy during the coronavirus pandemic. In a June 3 release, the BoC says its target for the overnight rate will remain 0.25%. That means consumers will continue to enjoy tremendous deals on mortgages and other loans. “The pandemic has led to historic losses in output and jobs. Still, the Canadian economy appears to have avoided the most severe scenario,” the central bank reports.