The Bank of Canada maintained its benchmark interest rate at one percent, the same level it has been at for more than two years. The benchmark is the rate at which retail banks and other lenders set their borrowing rates for consumers. It marks the 18th consecutive policy meeting that the bank has opted to stand pat and the first since Bank of Canada governor Mark Carney announced he will his post next year to head England's central bank. This is the longest stretch that Canada's monetary policy has gone unchanged since the 1950's.
The move was also in line with what economists were expecting, as Cananda's economy continues to eke out sluggish growth ----not enough to warrant a rate hike to slow things down, but also not poor enough to require a rate cut to get things flowing again. The loonie rallied slightly on the announcement.