Just letting my fellow Canadians know that the Bank of Canada will not be raising interest rates at the moment. Analysts expected a 25% chance rates would rise but at this morning's meeting, it didn't happen. Looking forward, a lift off is expected in March, in line with expected rate hikes from the Federal Reserve in the USA.
As a result, the Loonie has dropped about 8 cents against the US dollar. Now we have to wait and see what happens today at the FED. They too are holding their FOMC meeting today. We should know what happens when they hold their press conference after 2 pm.
The FED will likely follow the Bank of Canada's lead and hold off on raising rates until March. I'll provide an update to this article later in the day as to what's transpired.
(Screenshot - US Debt Clock)
It'll be interesting to see how things play out if and when interest rates go up. With the US debt approaching $30 Trillion, just a one point interest rate increase will likely send the US into recession, if it isn't already!
For now, the Bank of Canada's rate remains unchanged at the historically low 0.25%!
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Update 3pm: Fed leaves rates untouched, announced QT in March.
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