The Bank of Canada has held its key interest rate at one per cent and cut its outlook for economic growth to 1.6 per cent this year, 2.3 per cent in 2014 and 2.6 per cent in 2015, a sizable cut from its July outlook.
In its monetary policy report released today, the bank says it sees the economy returning to full capacity by the end of 2015.
The Bank of Canada says softer-than-expected U.S. growth pushed the full recovery of the economy later, but that it expects "a better balance between domestic and foreign demand will be achieved over time and that economic growth will become more self-sustaining".
In its July report, the bank had predicted the Canadian economy would grow 1.8 per cent this year, followed by 2.7 per cent in 2014 and 2015, returning to full capacity in mid-2015.
On Wednesday, the Canadian dollar dropped 0.79 cents against the U.S. dollar to to 96.40 cents U.S. in mid-morning trading.
The lower economic outlook and stubbornly low inflation mean the Bank of Canada is likely to hold interest rates for at least another year, according to economists.
Avery Shenfeld of CIBC World Markets said prior to the announcement that he doesn't see the key interest rate rising until 2015. Other economists at the big banks echo that assessment, having pushed their timetable for an interest rate hike to early 2015.
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