Bank of Canada says it overestimated growth, will keep interest rates low longer

OTTAWA – The Bank of Canada is signalling interest rates will need to stay at super-low levels for longer than it previously thought, citing a deterioration in the economy that has reduced inflationary pressures and set back expectations for growth.

As expected, the central bank’s policy setting team kept the trendsetting interest rate at one per cent Wednesday, where it has been for almost two-and-a-half years.

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