The Monetary Policy Committee of the Bank of Canada decided after the end of its meeting today, Wednesday, to keep interest rates unchanged at 5.00% as widely expected. The monetary policy statement issued by the Bank of Canada included the following:

Today, the Bank of Canada kept its overnight target interest rate at 5%, the bank rate at 5.25%, and the deposit rate at 5%.
The Bank of Canada continues to implement quantitative tightening.
Global economic growth slowed in the fourth quarter, and U.S. GDP growth also slowed but remained strong and surprisingly broad-based, with strong contributions from consumption and exports.
Economic growth in the Eurozone was stable at the end of the year after contracting in the third quarter.
Inflation in the United States and the Eurozone continued to decline.
Bond yields have risen since January, while corporate credit spreads have narrowed.
Stock markets have risen sharply.
Global oil prices are slightly higher than expected in the January monetary policy report.
In Canada, the economy grew in the fourth quarter more than expected, although the pace remained weak and below potential.
Real GDP expanded by 1% after contracting by 0.5% in the third quarter.
Consumption increased modestly by 1%, and final domestic demand contracted with a significant decline in business investment.
Strong export growth bolstered growth.
Employment growth continues to slow relative to population growth, and there is now some evidence that wage pressures may be easing.
Overall, the data indicate an economy experiencing a modest excess supply.
Consumer price inflation fell to 2.9% in January, with further moderation in goods price inflation.
Shelter price inflation remains high and is the largest contributor to inflation.
Underlying inflationary pressures persist, with core inflation measures on a year-over-year and three-month basis ranging between 3% to 3.5%. The share of CPI components growing by more than 3% has declined but remains above the historical average.
The Bank continues to expect inflation to remain close to 3% during the first half of this year before gradually falling.
The Bank of Canada decided to keep the interest rate at 5% and continue normalizing the Bank’s balance sheet.
The Bank of Canada remains concerned about risks to inflation expectations, notably the persistence of core inflation.
The Bank wants to see more sustained easing in core inflation and continues to focus on the balance between supply and demand in the economy, inflation expectations, wage growth, and business pricing behavior.
The Bank remains firm in its commitment to restoring price stability for Canadians.