The Bank of Canada has decided to leave the policy rate unchanged at 0.25%. In its announcement earlier this month, Deputy Governor Timothy Lane gave a wider progress report on the economy, noting that the economy was starting to bounce back from the pandemic.
Crediting vaccination rollouts and the successful digitization of businesses across the country, Lane noted that the economy is growing and that household spending and global commodity prices were both rising.
However, employment numbers remained in flux because of the effects of second and third waves. Lane also noted in his decision that the bank would keep the rate steady in pursuit of a target inflation rate of 2%, which is predicted to happen in the second half of 2022.