Bank of Canada holds key interest rate, and signals no hikes on the horizon

The Bank of Canada is confused. And when it’s confused, it stops what it’s doing until it figures things out.

Similarly, they assumed Canada’s economy would stumble, but the fall in the fourth quarter was “sharper and more broadly based” than they predicted, the statement said. The housing market no longer is red hot. Exports and business investment have gone cold, as weak oil prices and the trade wars sap business confidence.

“Governing Council judges that the outlook continues to warrant a policy interest rate that is below the neutral range,” which is 2.5 per cent to 3.5 per cent, the statement said. Some on Bay Street and Wall Street — and in Calgary — might have wanted a more declarative statement of alarm from Canada’s central bank.

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