The central bank said it expects the economy to grow 6% in 2021, down from its previous forecast of 6.5%
Bank of Canada
Big-box behemoth, whose Canadian subsidiary is headquartered on Hunt Club Road, posted revenues of $30.2 billion in 2020, up 6.6 per cent from a year earlier.
Central bank pulls forward its expectations for when the economy will be strong enough to handle a rise in rates.
The central bank says its key interest rate target will stay at 0.25% until the economy recovers and inflation is back at its 2% comfort zone, which it doesn't see happening until 2023.
Central bank holds overnight rate target at 0.25%, which is where it will stay until the economy has recovered.
Central bank holds key interest rate at 0.25%
Outlook is less rosy than those the Trudeau Liberals relied on in their economic update released a week ago.
The Bank of Canada is cutting its key interest target by half a percentage point to 0.25 per cent in an unscheduled rate announcement
The Bank of Canada is cutting its overnight rate target by half a percentage point to 0.75 per cent in response to COVID-19
Earlier in the day, the U.S. Federal Reserve pumped vastly more money, US$1.5T, into American financial markets, which did little to stop the bleeding on North American stock markets