Bank of Canada Keeps Prime at 3%

For the 6th consecutive meeting the Bank of Canada has not moved on the prime rate. While during the election there was building anticipation that the BoC would head most economists calls to raise rates, there has been increasing evidence of slowing growth in the US and EU. The continued sovereign debt issues of many EU countries has created a high level of uncertainty. While a rising prime is inevitable it remains to be seen exactly when that is going to happen.