The Bank of Canada building in Ottawa on Wednesday.

The Bank of Canada’s interest-rate decision on Wednesday confirmed what many experts had expected: the central bank’s rate-cutting cycle has come to an end. Now, the key questions are how long rates will remain steady, and whether rates will drop or rise next.

The BoC elected to keep its headline interest rate at 2.25 per cent, in response to resiliency in the Canadian economy despite U.S. tariffs. The bank also believes the current interest rate will keep inflation at bay.

Most economists expect that rates will stay the same for months, but disagree over what happens after that.

In a note to clients, Bank of Montreal chief economist Douglas Porter said uncertainty around U.S. trade leads his bank to assume that cuts are more likely,

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