Canada Keeps Key Rate 1%, Sees Diminished Need for Increase

The Bank of Canada kept its main interest rate unchanged for an eighth meeting and said there is a “diminished” need for an increase as Europe’s fiscal crisis and a slow U.S. rebound hobble the global recovery.

The Ottawa-based central bank left the target for overnight loans between commercial banks at 1 percent, where it has been since last September, as forecast by all 27 economists surveyed by Bloomberg News.