The Bank of Canada is expected to keep rates, and its policy statement, more or less unchanged next week, says TD Economics.

The central ank is unanimously expected to keep its overnight rate unchanged at next Tuesday’s meeting, TD says. It calls the decision “as close to a done deal as they get”.

“We do not expect anything new from the statement either – the Bank will likely continue to signal that it is comfortable with its current policy stance,” it adds. “The odds that the Bank will have changed its view of the world relative to what it spelled out in its Monetary Policy Report six weeks ago are low. For one, economic indicators released since the last announcement have been mixed – while some have surprised on the upside, others have done quite the opposite. Moreover, recent speeches by Bank of Canada’s officials have merely reiterated the message contained in the MPR – not exactly a strong signal of a change in tune. All told, it looks as if this one is going to be little more than a walk in the park for the Governing Council.”

TD notes that there appears to be little reason for the Bank of Canada to change its stance. “Recall that in its most recent Monetary Policy Report, the Bank continued to signal that it was comfortable with the current level of its policy rate,” it notes. “And, perhaps most importantly, it viewed the risks to its base-case view as balanced.”

So far, economic growth is coming in just a notch below the Bank’s expectations, while inflation is a bit above the Bank’s target, TD says. “On balance, the big picture has not changed very much since the last announcement. We continue to believe that the Bank will eventually change its tune. But that will not happen next week.”