By Canadian Press

Bank of Canada set to make rate announcement, release economic outlook

Jul 15, 2020 | 5:18 AM

OTTAWA — The Bank of Canada will make its latest interest rate announcement today and update its outlook for the economy.

The central bank’s key interest rate has been at 0.25 per cent since March when it was dropped in response to the economic fallout from COVID-19.

Governor Tiff Macklem has seemingly ruled out any further cuts, adding that the central bank doesn’t plan to raise its key rate until well into an economic recovery.

In his first speech as governor late last month, Macklem said the central bank expects to see growth in the third quarter of this year as restrictions ease.

But, he warned of a “prolonged and bumpy” course to recovery.

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The bank will outline what Macklem described as a “central planning scenario” for the economy and inflation, as well as related risks — such as local, but not national, lockdowns.

This report by The Canadian Press was first published July 15, 2020.

The Canadian Press