Are rate hikes over? Market watchers give their forecast to Bank of Canada

The Bank of Canada has decided to hold its interest rates steady at five per cent. This is the second straight pause after 10 straight hikes. Our finance expert, Rubina Ahmed-Haq, joins Antony Robart with advice for homeowners in this week's edition of #YourMoney – Oct 26, 2023The median forecast from the survey’s 28 respondents showed the Bank of Canada holding its benchmark rate steady at 5.

The policy rate is expected to drop to 4.0 per cent by the end of next year, based on the median responses.has held steady in its last two decisionsThe Bank of Canada will provide more insight into what led to its latest rate hold with the release of deliberations for its Oct. 25 rate decision on Wednesday.

The central bank has been tightening monetary policy in an effort to take steam out of the economy and bring inflation back down to its two per cent target.The median of responses to the Bank of Canada’s market watchers survey shows a 48 per cent chance of a recession hitting the country in the next six to 12 months. Tighter monetary policy was listed as a top downside risk to Canada’s economic growth by three in four survey respondents.

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