The Bank of Canada maintained its key interest rate at 5%.

As the economy slowed and inflation fell, the Bank of Canada maintained its key interest rate at 5%. The Bank of Canada has kept interest rates at 5% for the third time. Interest rates were raised by a quarter of a percent two months in a row after January, causing public disquiet. The Bank of Canada stated that there was evidence that previous interest rate hikes slowed economic activity and relieved price pressures in the country. However, the Bank of Canada has stated that it is prepared to hike interest rates in the future if necessary. The central bank's new economic estimates imply that economic growth will remain poor until next year.