BoC watching its words to avoid spurring rate cut speculation, summary reveals

The Bank of Canada was watching its words at its last interest rate announcement, in fear of spurring speculation that rate cuts are coming any time soon.

That's according to the central bank's summary of deliberations released Wednesday detailing what the governing council discussed in the lead-up to its last rate decision.

The Bank of Canada held its key interest rate steady at five per cent earlier this month amid signs of the economy weakening.

"(The governing council) also considered the possibility that their decision could be misinterpreted as a sign that policy tightening had ended and that lower interest rates would follow," the summary said.