By Steve Scherer and David Ljunggren
OTTAWA, March 22 - The Bank of Canada was concerned about inflation sticking above its 2% target and agreed there might be a need to tighten monetary policy further when officials decided to leave rates on hold this month.
In January the bank said it expected inflation to ease to 3% at around mid-year and to slow to 2% next year. But during the deliberations ahead of the announcement, the bank noted that services inflation "is proving sticky", according to minutes from the policy-setting meeting released on Wednesday. But all five members backed keeping rates on hold to measure the effects of previous hikes because they agreed "the economy is slowing, and inflation is coming down".
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Big Short' investor Steve Eisman says bank turmoil isn't close to 2008'Big Short' Steve Eisman says today's bank turmoil is nowhere close to a repeat of the 2008 financial crisis
Read more »
Even as Bank of Canada moves to sidelines, consumers not ready to splurgeEven as Bank of Canada became the first major global central bank this month to pause raising interest rates after its most aggressive tightening campaign in history, Canadians are in no rush to open their purse strings
Read more »
Flagstar Bank Acquires Signature Bank's Assets and Branches, Excluding Cryptocurrency Operations – Bitcoin NewsThe FDIC has announced that Flagstar Bank has acquired Signature Bank’s 40 former bank branches and its assets, except for crypto operations.
Read more »
Opinion | After Silicon Valley Bank failure, American start-ups still need a bankOpinion by Steve Case: At a moment when America’s lead in the global race for innovation is at risk of shrinking — China’s top-down system is gaining steam on our bottom-up approach — we can’t let SVB’s unique role supporting new companies go unfilled.
Read more »
New York Community Bank upgraded to buy at DA Davidson after Signature Bank dealNew York Community Bancorp. Inc. was upgraded to buy by DA Davidson on Tuesday, with analysts saying the acquisition of certain assets and liabilities of...
Read more »