April 10, 2024

As expected, the Bank of Canada held its key interest rates at 5%.

The central bank emphasized that while inflation remains elevated, there has been a downward trend in core inflation measures, which exclude volatile sectors such as food and energy, over recent months.

Addressing queries during a press briefing subsequent to the announcement, Bank of Canada governor Tiff Macklem stated, "I understand the primary concern for most Canadians is regarding the timing of our policy interest rate reduction. What indicators are necessary for us to be convinced it's appropriate to decrease?"

He added, "In essence, we are observing the indicators we require, but we require sustained observation to ensure confidence in progress towards price stability. The recent decline in core inflation is notable, but we must ascertain whether this is merely a temporary fluctuation."

Macklem hinted at the possibility of a rate cut in June, stating it is "within the realm of possibilities."

The next announcement is June 5, 2024.

Recent History for Bank of Canada Key Interest Rate

• April 10, 2024 - 5%
• March 6, 2024 - 5%
• January 24, 2024 - 5%
• December 6, 2023 - 5%
• October 25, 2023 - 5%
• Sept. 6, 2023 - 5%
• July 12, 2023 - 5%
• June 7, 2023 - 4.75%
• April 12, 2023 - 4.5%
• March 8, 2023 - 4.5%
• January 25, 2023 - 4.5%
• December 7, 2022 - 4.25%
• October 26, 2022 - 3.75%
• September 7, 2022 - 3.25%
• July 13, 2022 - 2.5%
• June 1, 2022 - 1.5%
• April 13, 2022 - 1%
• March 3, 2022 - 0.5%