The Bank of Canada has maintained its overnight rate target at 0.25 per cent, the effective lower bound, and released its updated outlook for the economy and inflation.

The Bank of Canada announced on April 15 that it would keep its overnight rate target at 0.25 per cent and that no additional rate cuts should be expected.

This decision to hold rates steady came on the heels of three rate cuts in over a month, as the COVID-19 pandemic and plummeting oil prices exact a heavy toll on the Canadian economy.