The Bank of Canada is keeping its benchmark interest rate right where it currently sits, at 0.5%
The bank, led by Stephen Poloz, meets every six weeks to decide on monetary policy and has cut its trend-setting interest rate twice this year in a bid to stimulate Canada's economy.
The central bank's interest rate influences the rates that borrowers and savers pay and earn for things like mortgages and savings accounts.
The consensus view among 27 economists polled by Bloomberg ahead of the bank's decision was for the bank to do exactly what it did — nothing.
In explaining its reasoning, the bank said it kept its rate as is based on the impact of previous changes.
That's good enough news that the bank thinks there's no need for any more monetary stimulus quite yet. But the future isn't looking entirely rosy, either, because the bank downgraded its economic expectations for the rest of 2015 and the two years beyond that.
The bank now thinks the economy will expand by 1% in 2015, by 2% next year and up to 2.5% growth in 2017.
The bank's next meeting to decide on interest rates is scheduled for Dec. 2. Economists don't think the central bank is likely to move rates one way or the other at that meeting, either.
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