This just in….
The Bank of Canada has left the key overnight rate unchanged.
The bank has made the following observations in their statement:
-inflation is under control
-the global economy is evolving as anticipated. China is evolving into a level of more sustainable growth. The United States, despite a setback in the last quarter of 2015, is continuing to grow its economy.
-Oil and other commodity prices have declined further but the process of adapting towards a non-resource based activity is underway.
– the economy is expected to grow by 1 1/2% in 2016 and 2 1/2% in 2017
All in all, the Bank’s position reaffirms our belief that despite the pressure of low oil prices on Albert’s economy, our local economy is weathering the storm and will likely benefit from the low oil prices as well as the low Canadian dollar.
Please get in touch with me if you have any questions.