CIBC Research discusses its reaction to today's BoC April Rate Decision.

"The Bank of Canada’s motto is now “don’t just do something, sit there,” and patience should indeed be a virtue in getting inflation back to its target without inflicting too much harm on the economy. As widely expected, the Bank left the overnight rate unchanged at 4.5%, and maintained its warning that it could still hike again if the economy fails to slow enough to sufficiently quell price and wage pressures. That’s still in contrast to market hopes for rate cuts later this year," CIBC notes.

"Overall, still on hold, but not in synch with market expectations for outright rate cuts this year, since the Bank isn’t calling for a recession," CIBC adds.