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- The Bank of Canada (BoC) today announced that it is maintaining its target for the overnight rate at 1/2 per cent. Correspondingly, major financial institutions' Prime rates should be staying at 2.7%, or 2.2% above BoC's Key rate. Inflation remains under control in the eyes of the BoC and global economic growth remains weaker than expected in 2015. "Canada’s economy has rebounded, as projected" by the BoC in July. "Household spending continues to underpin economic activity and is expected to grow… Read More
- The Bank of Canada (BoC) today has announced that it will leave their key overnight lending rate alone at 0.5%, therefore the Prime Rate of lending used by major Canadian FI’s for lending to their best business customers should remain at 2.7%. The BoC believes that a Canadian economic upturn is occurring and that its economy is adjusting for lower oil & commodity prices. They see economic activity being underpinned by household spending and strength in certain sectors of the U.S.… Read More
- Today the Bank of Canada (BofC) announced (its fourth of 8 scheduled announcements for the year) that it will not be changing its benchmark key lending rate which directly affects the Prime rate of lending for major FI’s (financial institutions). BofC’s benchmark rate will stay at 0.75% and the Prime rate will likely remain at 2.85%. BofC has been voicing concerns along with a majority of notable economists that weakness in the U.S. economy raises questions about its underlying strength. Meanwhile… Read More