Bank of Canada holds rates steady but keeps eye on 'the global slowdown'

The Bank of Canada has maintained its target overnight interest rate at 1.75 per cent Wednesday, as widely expected by analysts.

Correspondingly, the bank rate is two per cent and deposit rate is 1.5 per cent. 

However, Governor Stephen Poloz says Canada has “not been immune” to the effects of a global slowdown.

In a written statement about the decision and its latest Monetary Policy Report, the central bank said “the outlook for the global economy has weakened further” since its last report in July.

“Ongoing trade conflicts and uncertainty are restraining business investment, trade and global growth.”

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