Bank of Canada governor Stephen Poloz is expected to leave the interest rate unchanged. (Photo by THE CANADIAN PRESS)

Bank of Canada to weigh in on economy, expected to leave interest rate unchanged

OTTAWA — Bank of Canada governor Stephen Poloz is widely expected to leave his trend-setting interest rate unchanged today — and he appears in no hurry to move the rate any time soon.

The policy announcement will come at a time when the economy is starting to show signs of picking up its pace after a winter deceleration that was largely caused by a drop in oil prices.

Last month, Poloz held the rate at 1.75 per cent for a fourth-straight policy decision and set aside talk of hikes — at least until the economy rises from what he’s described as a temporary slowdown.

The sudden down shift has also forced the central bank to cut its 2019 growth forecast — a reduction that comes after the economy ran at close to full tilt for most of 2017 and 2018.

The bank continues to keep its eye on the evolution of heavy household debt loads, oil markets and the threats of global trade unknowns, which have become particularly uncertain in recent weeks.

Many economists expect the bank to leave the interest rate untouched until at least late in the year and perhaps longer.

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