Bank of Canada keeps key rate at 0.25%, sees ‘slow and choppy’ recovery ahead

The Bank of Canada held its key interest rate steady at 0.25 per cent on Wednesday and said the economy will continue to require extraordinary monetary policy support to recover from the slump triggered by the novel coronavirus pandemic.

The economy has staged a strong recovery so far, with activity in the July-to-September period likely to bounce back faster than anticipated in July, the central bank said. However, after an initial sharp rebound, the rest of the economic recovery is likely to be “slow and choppy,” it said.

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— With a file from Erica Alini at Global News

 

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