Full impact of past Bank of Canada interest rate hikes not yet seen: expert

The Bank of Canada is widely expected to keep interest rates on hold Wednesday as a string of aggressive hikes has yet to be fully reflected within the economy, one expert says.

Mendes added that this is something policymakers need to account for. 

One way the bank can do so, beyond keeping rates on hold for now, is to ensure the public that they have the tools needed to support the financial system. 

"They have the financial system tools, liquidity injection tools, that they can use to focus on the banking system," he said.