Bank of Canada to hold its key interest rate at 4.5%

The Bank of Canada announced Wednesday that it will continue to hold its key interest rate steady at 4.5 per cent, as was widely anticipated by economists.  The central bank says recent data is reinforcing its confidence that inflation will continue to fall in the coming months.  Canada’s annual inflation rate fell to 5.2 per cent in February, marking the second month in a row it came in lower than forecast.  The Bank of Canada continues to expect the inflation rate to fall to three per cent by mid-year and back down to its target of two per cent by the end of 2024.