This article was last updated on April 16, 2022
Canada: 
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The Bank of Canada has abridged its conviction regarding its approach towards the need of increasing the interest rate on Wednesday, asserting that it now intends to perhaps retain its benchmark rate steady for “a period of time,” still claiming that its next move will still be a hike rather than a cut.
The central bank has intended to keep its overnight lending target unaffected at 1.0 percent, since it was initially brought to that stage in September 2010. The bank has been constantly indicating for months that it needs to raise the rate, but later in January it affirmed that such a move was “less imminent,” whereas recently on Wednesday it took another step further back. An official statement from The Bank of Canada stated that “with continued slack in the Canadian economy, the muted outlook for inflation, and the more constructive evolution of imbalances in the household sector, the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required, consistent with achieving the 2 percent inflation target.”
The previous assertions of the bank did not include reference to “continued slack” or to the “period of time” over which rates will likely be held on. The Governor of Bank of Canada, Mark Carney, is the only one in the Group of Seven leading industrialized nations to have a tightening bias, as weakened as it is now.
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