Once again, the Bank of Canada (BoC) announced it is keeping its overnight lending rate, the targeted rate it charges when Canadian banks borrow, at .5%. Consequently, most banks and lending institutions are expected to keep their prime lending rate at 2.7%, where it has been since July of 2015.
This is the 15th straight policy meeting where the BoC has elected to leave the overnight rate untouched, surprising nobody; most analysts are predicting the Bank to be sidelined well into 2018. In addition to the rate announcement, the associated press release was light on meaningful commentary (a more in-depth "Monetary Policy Report" is only released every second meeting).
One development we were expecting to hear about concerns the…