Bank of Canada Holds Key Lending Rate Amid Falling Inflation

The Bank of Canada has today held its key lending rate at 5%, saying it is looking for signs that falling inflation will stick before it begins to cut rates.

The rate hold - the bank's sixth in a row after aggressive hikes from a record low in recent years to try to throttle soaring prices - was widely expected as analysts eye June for a possible first cut. It revised upward its global growth forecast and noted that while inflation has continued to slow across most advanced economies,"progress will likely be bumpy."

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