Bank of Canada Holds Rates

The Bank of Canada (BoC) has decided to hold its interest rate at 5% for the seventh consecutive time, as announced earlier today. This decision comes at a time when many Canadians are experiencing financial difficulties due to high mortgage payments and are hoping for some relief. However, the BoC has indicated that it might reduce the interest rate in the future, possibly as early as June, provided that inflation remains under control. Currently, the inflation rate stands at 2.8%, which is slightly higher than the bank’s target of 2%. The next rate announcement is scheduled for June 5th.