What are economists expecting from next week's rate decision?

The Bank of Canada will make its second-last interest rate decision of 2023 next Wednesday, and most economists believe the central bank will hold its overnight rate steady at five per cent.

As of Friday, nearly all economists surveyed by Bloomberg expected the Bank of Canada would hold its benchmark interest rate at its Oct. 25 decision.

Economists calling for a rate pause cited recent data suggesting the country’s economy is softening – though signals are still mixed.

“Economic data releases since the Bank of Canada opted to forego an interest rate hike in September have been mixed, but we expect that they on net have made a hike at next week’s decision unlikely,” RBC economists said in a Friday report.