The Bank of Canada today announced that it is going to maintain the overnight
rate at 1%. "Largely due to temporary factors, Canadian economic growth stalled
in the second quarter. The Bank continues to expect that growth will resume in
the second half of this year, led by business investment and household
expenditures, although lower wealth and incomes will likely moderate the pace
of investment and consumption growth".
How did this affect our GIC rates?
Generally the GIC rates have been steady over the last few months with this
announcement having very little impact.
The next scheduled announcement is October 25, 2011.
For the full announcement, visit www.bankofcanada.ca.