Bank of Canada Suspends Rate Hikes Again

The Bank of Canada, widely known for its plot-twist-worthy decisions, went for the predictable ending this round. It left its key policy rate at a 22-year high of 5.00% - just as the bond market expected.

Canada's overnight rate versus 5-year bond yield (Source: Refinitiv)

Compared to a 25 bps hike, today's rate pause saved an average floating-rate borrower from seeing up to a $70 increase in their monthly payment. (The average Canadian mortgage amount is $351,692, according to the latest TransUnion data.) 

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