The Bank of Canada (BoC) kept its benchmark interest rate steady at 1.75 per cent on Wednesday, in a widely anticipated move that reflects a clouding global economic outlook.

The central bank also said it now expects the economy to grow at a slower pace in 2019 than earlier anticipated, with GDP projected to expand by 1.7 per cent instead of 2.1 per cent.

It’s the second consecutive time the central bank has pressed the pause button on rates. It raised the key rate in October but held steady with its December rate announcement.

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