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Bank of Canada keeps interest rate at 5%

BY The Canadian Press, Dec 6, 2023 4:44 PM - REPORT AN ERROR

The Bank of Canada is keeping its key interest rate at five per cent because higher interest rates are clearly restraining spending. (Photo :The Canadian Press)

The Bank of Canada is keeping its key interest rate at five per cent because higher interest rates are clearly restraining spending.

The central bank says the combination of weaker growth and a cooling job market suggests demand is no longer outpacing supply in

the economy and that this slowdown is necessary to restore price stability.

However, the Bank of Canada isn't ruling out future rate hikes just yet, saying it is still concerned about risks to the outlook for inflation and remains prepared to raise rates further if needed

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