The Bank of Canada has announced the benchmark rate will remain unchanged at 1.25% but several clues in their policy statement point to an imminent rate increase. Policy makers now say they will take a “gradual” approach. “Developments since April further reinforce governing council’s view that higher interest rates will be warranted to keep inflation near target,” the central bank said. “Governing council will take a gradual approach to policy adjustments, guided by incoming data.
The next rate is expected in July
