Bank of Canada keeps key rate unchanged
But future hikes may be on the way
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READ: What an interest rate hike could mean for youThe bank is also pointing to the substantial, persistent unknowns around geopolitical developments as well as U.S.-related fiscal and trade policies, like the renegotiation of the North American Free Trade Agreement. However, the bank says while its still-low interest rate of one per cent will likely rise over time, the governing council will remain cautious when it comes to future increases.
MORE: Why banks are slow to lower lending rates, but quick to hike themThe central bank is also releasing updated projections that predict economic growth to moderate after a surprisingly powerful performance in recent quarters, as housing- and consumer-related contributions start to decline. The bank forecasts growth, as measured by real gross domestic product, to slow from its exceptionally robust level of 3.1 per cent this year to 2.1 per cent in 2018 and 1.5 per cent in 2019.
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