Ending The Year on a Quiet Note

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

As we come to the final Bank of Canada rate announcement of 2015, we look back and see a rather uneventful year, with the only real shock being in July when Stephen Poloz dropped the rate by .25% surprising everyone. However since then, it has been relatively steady… business as usual.

The final announcement of the year does come with a small warning that “Vulnerabilities in the household sector continue to edge higher while overall risks to financial stability are evolving as expected.” We will see what 2016 brings!

Here are the announcement dates for 2016:

  • Wednesday 20 January*
  • Wednesday 9 March
  • Wednesday 13 April*
  • Wednesday 25 May
  • Wednesday 13 July*
  • Wednesday 7 September
  • Wednesday 19 October*
  • Wednesday 7 December

*Monetary Policy Report published

All rate announcements will be made at 10:00 (ET), and the Monetary Policy Report will continue to be published concurrently with the January, April, July and October rate announcements.

See you next year!

Here is the official press release from the Bank of Canada for your reference.

Bank of Canada Maintains Overnight Rate Target at 1_2 Per Cent