No rate changes today!
The Bank of Canada announced today that it will be maintaining it’s target for the overnight rate at 3/4 per cent while the deposit rate will remain at 1/4 per cent.
This news comes as no real surprise. According to a recent Reuters Poll, of 40 economists polled, only 1 in 4 thought another rate cut would be in order. Most economists are now predicting a freeze through 2017.
In addition to the rate announcement, the Bank of Canada today published its 2016 schedule of the key dates for policy interest rate announcements and release of the quarterly Monetary Policy Report, and it reconfirmed the scheduled announcement dates for the remainder of this year.
So if in fact the economists are right… and we don’t see a change until 2017, it would be almost like non-news for the following 11 announcement dates. However that wouldn’t even come close to the streak that was just broken in January of this year where the Bank of Canada had not moved the interest rate since September of 2010. Anyway…
The scheduled announcement dates from September 2015 through December 2015 are reconfirmed as follows:
- Wednesday 9 September
- Wednesday 21 October*
- Wednesday 2 December
The scheduled announcement dates for 2016 are the following:
- Wednesday 20 January*
- Wednesday 9 March
- Wednesday 13 April*
- Wednesday 25 May
- Wednesday 13 July*
- Wednesday 7 September
- Wednesday 19 October*
- Wednesday 7 December
*Monetary Policy Report published
All rate announcements will be made at 10:00 (ET), and the Monetary Policy Report will continue to be published concurrently with the January, April, July and October rate announcements.
Here is the official press release from the Bank of Canada for your reference.