The Bank of Canada maintains its overnight rate at 5.00%

Earlier today, the Bank of Canada announced it will continue to hold its overnight rate at 5.00%. The Bank of Canada has seen inflation trend in the right direction, but it's still not quite low enough. Markets expect inflation to continue its downward trend and the first cut is expected in June to stabilize inflation in the target range and prevent inflation from decelerating past their target range.

In the chart above, courtesy of Perch, you can see how the 5-year variable rate forecast has changed over time based on the Bank of Canada interest rate announcements.

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