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Bank of Canada Stands Pat on Rates on Expectation of Inflation, Growth Slowdown
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OTTAWA—The Bank of Canada kept its main interest rate unchanged for a second straight decision, saying it was persuaded by recent data that inflation and economic activity are set to slow quickly in the coming months.
Bank of Canada Gov. Tiff Macklem said interest rates could remain elevated for a prolonged period to ensure the central bank achieves its target of 2% inflation, adding that market expectations for a rate cut later this year appear misguided.
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