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Bank of Canada holds short-term interest rates unchanged at three percent in surprise move

Bank of Canada holds short-term interest rates unchanged at three percent in surprise move

The Bank of Canada has held its policy-setting interest rate unchanged at three percent.
The central bank's decision Tuesday is a surprise as many economists had expected a quarter-point trim.
Canada's overnight rate has dropped from 4.5 percent since December, including sharp half-point cuts in March and April.
Tuesday's move comes as Bank of Canada governor Mark Carney balances worries about economic weakness against concerns about inflation.
The economy shrank at an annualized rate of 0.3 percent in the first quarter, below the Bank of Canada's expectation of a one percent growth rate.


Updated : 2021-07-28 01:46 GMT+08:00