The latest poll of economists surveyed by Reuters unveiled that the Bank of Canada (BoC) is likely to maintain its key interest rate at 4.50% through the balance of this year.

Key takeaways

“All 33 economists polled March 31-April 6 said it will hold its overnight rate at 4.50% on April 12.”

“A majority of forecasters, 23 of 31, said the rate would remain unchanged for the rest of 2023. Only seven expected at least one 25-basis-point rate cut by end-year, down from 13 in a survey taken about a month ago.”

“The economy was predicted to grow 0.7% and 1.4% this year and next, compared with 0.5% and 1.5%, respectively.”

“The Canadian dollar is forecast to rise over the coming year.”