No surprise today, Bank of Canada maintains the rate. Gives themselves a pat on the back ” Inflation has eased further… as past policy rate increases work their way through the economy.”
Economy is slowing down: job creation is slower, job vacancies have declined further, unemployment rate has risen modestly. However, wages are still rising and shelter price inflation has picked up. There is continued contribution from elevated mortgage interest costs.
Overall, concludes monetary policy is moderating spending and relieving price pressures, but continues to throw in the template ‘remains prepared to raise the policy rate further if needed. ‘ No mention of dates they estimate CPI inflation to meet their target, or acknowledgement of ‘readjusting’ their inflation target.

Next BoC meeting is Jan 24, 2024. US Fed will make their next rate announcement Dec 13, 2023, widely expected they will hold rate.

So now, it looks like pause mode is the foreseeable future. Rate cuts would be more likely than rate hikes, however, when those will happen is debateable. Do not plan for ’emergency low rates’.