{"id":67515,"date":"2013-12-04T10:55:45","date_gmt":"2013-12-04T15:55:45","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=67515"},"modified":"2013-12-04T13:32:15","modified_gmt":"2013-12-04T18:32:15","slug":"bank-of-canada-overnight-rate-announcement","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/archives\/bank-of-canada-overnight-rate-announcement","title":{"rendered":"Bank of Canada maintains 1 per cent overnight rate target in latest announcement"},"content":{"rendered":"<h4 id='pressboard-ad-sponsorship-tag' style='margin-bottom: 35px;'><\/h4><p><a href=\"https:\/\/www.livabl.com\/articles\/2013\/12\/bank-of-canada-overnight-rate-announcement.html\/bank-of-canada-3\" rel=\"attachment wp-att-67521\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-67521\" alt=\"Bank of Canada\" src=\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2013\/12\/bank-of-canada-lending-rate.jpg\" width=\"1024\" height=\"684\" \/><\/a><em>Photo:\u00a0<a href=\"http:\/\/www.flickr.com\/photos\/dneuman\/3529137867\/sizes\/o\/in\/photolist-6nRKJB-bqg5LK-8FYtw3-dhpeZe-dHLNBu-8NyNQm-8NvJqp-8NyMJY-8NvGXn-8NvHxv-8NyN5y-8NyQ4Q-b8VUyx-cbUes5-brZYTW-8VsYho-aS7WCM-aS7Wmx-d5myod-aS7X3v-91xHDm-91xDJN-91xwbj-91xzjd-91xsFy-91xyay-91i2FV-91pca1-91qNhH-91gooR-91hZX2-91jwU9-91kyLX-91nsGT-91oFhY-91piVo-91r9RK-91rpKT-91w47E-91wo9m-91gVgg-91jE1s-91myvK-91mZ6G-91nuSL-91rhTD-91rx4r-91ugJN-91uf51-91woyw-91wL63\/\" rel=\"nofollow\" class=\"external\" target=\"_blank\">D.Neuman\/Flickr<\/a><\/em><\/p>\n<p>In an announcement that came as a shock to no one, the Bank of Canada announced today that it is maintaining its target for the overnight rate at 1 per cent. (<a href=\"http:\/\/clicktotweet.com\/33Iy1\" class=\"external\" target=\"_blank\">Tweet this<\/a>)<\/p>\n<p>Several economists had <a href=\"https:\/\/www.livabl.com\/articles\/2013\/12\/interest-rate-hike-bank-of-canada.html\">predicted this outcome<\/a>, with some stating they do not anticipate a rate increase until at least mid-2015.<\/p>\n<p>While Canadian GDP growth came in stronger than expected in the third quarter of 2013, the Bank said that underlying growth is in line with its projections.<\/p>\n<p>In a <a href=\"http:\/\/www.bankofcanada.ca\/2013\/12\/publications\/press-releases\/fad-press-release-2013-12-04\/\" class=\"external\" target=\"_blank\">press release<\/a> that accompanied the announcement, the Bank noted that the housing sector has been &#8220;stronger than expected but is consistent with updated demographic data and a pulling forward of home purchases in light of favourable financing conditions.&#8221;<\/p>\n<p>The Bank also said that it expects a soft landing in the housing market. This view is in line with Bank of Canada Governor Stephen Poloz&#8217;s testimony to the Senate Banking Committee in November during which he said that a <a href=\"https:\/\/www.livabl.com\/articles\/2013\/11\/bank-of-canada-governor-canadian-housing-market.html\">bubble does not exist<\/a> in the Canadian housing market.<\/p>\n<p>Weaknesses in non-commodity exports, a slower than expected rise in business investment spending and low inflation were also given as reasons for the Bank maintaining the 1 per cent rate, which it characterized as &#8220;substantial monetary stimulus.&#8221;<\/p>\n<p>January 22nd, 2014 is the next scheduled date for announcing the overnight rate target. The Bank of Canada will be publishing a full update of its outlook for the economy and inflation then as well.<\/p>\n<p>While many Canadian economists don&#8217;t foresee a rate hike until mid-2015, the <a href=\"https:\/\/www.livabl.com\/articles\/2013\/11\/bank-of-canada-lending-rate-oecd-report.html\">OECD recently recommended<\/a> that the Bank of Canada raise the rate by late 2014 and continue to nudge it upwards until it reaches 2.25 per cent by the end of 2015. The Paris-based think tank cited concerns over low mortgage rates and record high levels of household indebtedness as reasons why the rate should be hiked sooner.<\/p>\n<p>During his testimony to the Senate Banking Committee, Stephen Poloz referenced these concerns and said his outlook differed from the OECD&#8217;s.<\/p>\n<div id='pressboard-ad-sponsorship-msg'><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Economists had predicted this outcome with many stating they do not anticipate a rate increase until at least mid-2015. <\/p>\n","protected":false},"author":5,"featured_media":67521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of Canada maintains 1 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