Canada's central bank decided to keep its benchmark interest rate at one per cent today, the same level it has been at for almost four years.
The Bank of Canada announced in its latest policy decision on Wednesday that it will keep its target for the overnight rate — the yardstick against which most consumer loans are measured — steady at one per cent.
Although most economists were expecting no change in the rate, the choice of wording is often closely scrutinized to see if the central bank is leaning toward a rate hike or a cut, if and when it does decide to act.
But the bank offered little hint of that in the statement accompanying the decision.
"The bank is neutral with respect to the timing and direction of the next change to the policy rate, which will depend on how new information influences the outlook and assessment of risks," the bank said.
Bank of Canada governor Stephen Poloz will provide more details on the interest rate decision at a press conference around midday on Wednesday.