This article was last updated on April 16, 2022
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Presumably making his last rate announcement as governor of the Bank of Canada, Mark Carney reinterred the completely same update, i.e. once again the key lending rate was retained at 1 per cent. Carney is scheduled to quit his position and leave to head up the Bank of England from July 1 onwards. With the latest announcement in, it has now been almost 22 consecutive months when the key interest rate was kept at remarkable 1 per cent, dating back to September 2010.
Discussing the announcement, chief economist with RBC Global Asset Management, Eric Lascelles, alleged that “we have a very status quo statement. There was no attempt to provide some flare, I suppose, on his way out which I’m sure the new governor Stephen Poloz is very thankful for, so he starts with something amounting to a blank state.” Bank of Canada issued an official press statement on Wednesday morning, asserting that the global economic growth is somewhat on its track according to the expectations set out in the April Monetary Policy Report.
The report depicted that U.S. economic expansion is progressing, although at a “modest pace,” while highlighting Japan as a bright spot in the global economy because it is “beginning to respond to significant policy stimulus.” Meanwhile, the report stated that “Europe, in contrast, remains in recession. Growth in China has continued to ease from very strong rates, weighing somewhat on global commodity prices.” Meanwhile, growth in Canada seems to have been better than the predictions in the first quarter of 2013.
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