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Bank of Canada holds key interest rate steady despite weaker economic outlook

Bank of Canada

OTTAWA -- The Bank of Canada kept its key interest rate on hold Wednesday to position the country as an exception among advanced economies that have already started responding to a fading global economy.

Governor Stephen Poloz's team says the domestic economy has held up well in many respects and inflation has been close to target.

They warn, however, that Canada isn't immune to the negative effects of slowing global growth.

"Governing council is mindful that the resilience of Canada's economy will be increasingly tested as trade conflicts and uncertainty persist," the central bank said in a statement.

"In considering the appropriate path for monetary policy, the bank will be monitoring the extent to which the global slowdown spreads beyond manufacturing and investment."