The Bank of Canada is keeping its key interest rate steady at 1.75 per cent and doesn't appear to be in any hurry to change it any time soon.
Unlike recent statements, today's interest rate announcement removed all mentions of a need for future increases.
The bank says the economy suddenly decelerated in the 4th quarter of last year, and it is projecting growth of just 0.3 per cent in the first quarter of this year.
It forecasts real gross domestic product will grow just 1.2 per cent this year, down from its January forecast of 1.7 per cent