The Bank of Canada’s latest monetary policy report will cross the wires at 10 a.m. ET.
For the most part, economists expect the bank to keep rates unchanged at 0.5%.
The bank has kept rates on hold since July 2015, when it cut by 25 basis points.
“We expect more of the same at its policy meeting on Wednesday as it keeps waiting for fiscal stimulus to take full effect and offset a slowing in economic activity,” wrote BNP Paribas’ Bricklin Dwyer in a note to clients.
“While the recent BoC emphasis on risks to financial stability and unexciting but decent data underscore the view that surprises on the rate front are unlikely today, we think there is a possibility that the statement might point to increased external risks from the Brexit referendum, especially in connection to a possible spillover on to global aggregate demand and therefore to oil prices,” argued a Credit Suisse team led by Shahab Jalinoos.
Notably, last week Canada’s June jobs report showed that the Canadian labour market lost 700 jobs, with full-time work falling by 40,100 and 39,400 part-time jobs being created.
Moreover, as Dwyer noted, the participation rate has fallen to 65.5% — the lowest level since 1999.
Refresh this page for updates at 10:00 a.m. ET.
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