Canada Interest Rates Expected to Hold Steady at 2.25%

The Bank of Canada is likely to keep interest rates steady at its upcoming policy meeting on September 2, according to futures markets and economists.

Futures markets are putting the odds of a rate hold at 99%, indicating that a seventh consecutive time of no change is expected.

The current trendsetting overnight interest rate has been at 2.25% for nearly a year now, and analysts do not see this changing.

Recent GDP data showed the Canadian economy grew at an annualized 3.3% in the second quarter, its fastest pace in over three years.