Bank of Canada holds interest rates steady

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

Stephen Poloz, governor of the central bank, made the announcement Wednesday morning, leaving the rate unchanged for the ninth meeting in a row.

A resilient Canadian economy has allowed the Bank of Canada to keep interest rates on hold even as its international peers have moved to ease monetary policy as the global economy has shown signs of slowing.

Even so, the central bank has warned that this resilience will be tested by persistent global trade conflicts and uncertainty.

Changes in the Bank of Canada's key policy interest rate affect the prime rates at the major Canadian banks and, in turn, the rates Canadians pay for variable-rate mortgages and other variable-rate loans.

More to come.