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Jan 24, 2024 4:11 PM - The Canadian Press

Bank of Canada to announce interest rate decision today, expected to continue hold

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The central bank said inflation is still a concern but the bank is now shifting its focus to cutting borrowing costs rather than raising them further.

The Bank of Canada is set to make its first interest rate announcement of the year this morning.

Economists widely expect the central bank will continue holding its key interest rate steady at five per cent.

But all eyes will be on governor Tiff Macklem for any hints on when the central bank plans to pivot to rate cuts.

The Bank of Canada has held its key interest rate steady at its last three announcements as economic data suggests monetary policy is slowing inflation.

However, Canada's annual inflation rate ticked back up in December to 3.4 per cent, complicating the central bank's path.

Forecasters still expect economic weakness will allow the Bank of Canada to begin cutting interest rates as early as this spring.

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