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For decades, the Bank of Canada has used the interest rate as a strong driver towards attaining its policy objectives. The three of Its core monetary policy goals are maximum employment, Price Stability, and Moderate long-term interest rates.
Last month, the Bank of Canada signaled that it could hike its interest rates as soon as April 2022. In its deliberation, due to high energy prices and supply chain bottlenecks, they speculated that inflation would stay above 4.8% target in the long-term next year and then ease to 2.1% in the fourth quarter of 2022. In response to the hawkish statement, the Canadian Dollar gained higher at 0.4% against the US Dollar(greenback).
Citing Canada's robust economic growth, massive employment gains and high vaccination rates, it said that it was ending its bond-buying program after keeping its rates unchanged.
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