The Bank of Canada decided to hold its interest rate steady at 4.5 per cent on Wednesday while the impact of its previous rate hikes filters down through the economy.

The bank's move was widely anticipated by economists, because the bank had telegraphed its intention to hit pause on rate hikes after raising them eight times between March 2022 and February of this year.

Officials at the bank, including governor Tiff Macklem, will have more to say about their line of thinking at a press conference starting at 11 a.m. ET on Wednesday.