Following the last cut on January 21, many big banks predicted a further cut would be made today, but the Bank of Canada has moved to maintain the rate at ¾ per cent, citing improved economic conditions since that last move.
Now, for that exciting "Bankspeak":
“Financial conditions in Canada have eased materially since January, in response to the Bank’s recent monetary policy action and to global financial developments,” an official release from the central bank states. “This easing is reflected across the yield curve and in a wide range of asset prices, including the Canadian dollar. These conditions will mitigate the negative effects of the oil price shock, further boosting growth through stronger non-energy exports and investment.”
