The Bank of Canada made its fifth interest rate decision of 2021 and updated its outlook for inflation and economic growth.

The Bank held its overnight rate at 0.25% and suggested that Canada’s economic recovery, while slightly slower than expected so far, should be stronger than anticipated in 2022.

The next scheduled date for announcing the overnight rate target is September 8, 2021. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on October 27, 2021.