As expected, Bank of Canada holds interest rate steady at 5% | CBC News
The Bank of Canada has decided to keep its benchmark interest rate steady at five percent.
The bank has been signaling that it may be nearing the end of its rate hiking cycle due to a slowdown in the Canadian economy.
Bank of Canada to Cut Rates Deeply Due to Drag From Mortgage Renewals
Desjardins Securities predicts that the Bank of Canada will need to cut its policy rate faster and deeper than financial markets expect due to a drag on spending from pending mortgage renewals.
Desjardins economist Royce Mendes forecasts that the BOC will cut interest rates by 1.5 percentage points in 2024 to 3.5%, and to 2.25% in 2025.
Canada will struggle to achieve above-trend growth until 2027 due to the impact of mortgage renewals on household consumption.
1st batch of newly minted Canadian coins bearing King Charles's image unveiled | CBC News
The first Canadian coins featuring the face of King Charles were unveiled in Winnipeg on Tuesday.
The mint showcased the image of the monarch that will appear on one side of all its coins, replacing the image of the late Queen Elizabeth II.
The federal government directed the mint and the Bank of Canada to replace the image of the late Queen with one of the King on coins and on the $20 bill.