Policymakers in Ottawa said recent economic data is reinforcing their confidence that inflation will continue to slow.
| The Bank of Canada left interest rates unchanged for the second straight meeting, saying recent economic reports reinforce its confidence that inflation will further slow.
“Governing council continues to assess whether monetary policy is sufficiently restrictive to relieve price pressures and remains prepared to raise the policy rate further if needed to return inflation to the 2 per cent target,” the bank said.The statement suggests officials are comfortable waiting for more data before making any further changes to their monetary policy stance.
Strong population gains from immigration mean that “the economy may be able to grow at a somewhat faster pace than previously expected without generating additional inflationary pressures”, the bank said.Although the jobs market is still tight, the labour force is expanding quickly due to the influx of newcomers, which more than offsets the drag from an ageing population, the bank said.
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