The Bank of Canada is keeping its key interest rate unchanged as it releases a downgraded 2019 growth forecast.
The central bank also appears to be in no hurry to move the interest rate any time soon because, unlike recent statements, the announcement today removed all mentions of a need for future increases.
The bank says the economy was operating close to full tilt for most of 2017 and 2018 before a sudden deceleration in the final months of last year, which was largely caused by a drop in oil prices and unexpectedly weak numbers for investment and exports.
In new projections today, the bank is predicting growth of real gross domestic product of 1.2% for 2019, down from its January forecast of 1.7%.
The next scheduled date for announcing the overnight rate target is May 29, 2019.
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