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Bank of Canada to hold rates steady at 4.50% through this year

The Bank of Canada will keep its key interest rate on hold at 4.50% for the rest of this year, according to economists polled by Reuters, who said the bank was more likely to sound a hawkish tone on March 8 than dovish as inflation remains a worry.

A slowing housing market, weak business investment and consumer spending and data showing a halt to economic growth at the end of 2022 suggest 425 basis points of BoC rate hikes over the past year are starting to take hold.

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