The Bank of Canada has left its overnight target rate unchanged at 5.00%, as was widely expected by markets.

In its statement, the Bank said it is “still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed.”

The Bank added that while high interest rates are restraining spending and economic growth has stalled, it wants to see "further and sustained easing in core inflation."

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The next rate announcement is scheduled for Wednesday, January 24.