Bank of Canada

Canada's central bank held its key lending rate at five per cent Wednesday, saying a series of rate hikes was having the desired effect of taming inflation.

"There is growing evidence that past interest rate increases are dampening economic activity and relieving price pressures," the Bank of Canada said in a statement.

But it also warned that it was prepared to raise rates in the future, after standing pat a second month in a row, if inflation soars again.

TD analyst James Orlando echoed other economists in saying the central bank "didn't throw any curveballs today," but "at the same time, it didn't declare victory" in its inflation fight.

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