03/04/2015 10:09 EST | Updated 05/04/2015 05:59 EDT

Bank of Canada holds rate steady at 0.75%

The Bank of Canada kept its benchmark interest rate steady at 0.75 per cent on Wednesday, a sign the bank thinks there's no need for another move just yet after cutting the rate in January for the first time in five years.

The bank kept its target for the overnight rate steady, noting that the economy is performing in line with expectations laid out in January's monetary policy report.

At that time, the central banked shocked markets by unexpectedly cutting the rate from 1 per cent, where it had been since the fall of 2010. But there was no similar move this time around.

"Financial conditions in Canada have eased materially since January, in response to the Bank’s recent monetary policy action and to global financial developments," the bank said in a statement.

"In light of these developments … we judge that the current degree of monetary policy stimulus is still appropriate."

That is central-bank-speak for saying the bank wants to wait and see what the further impact of January's cut will be before moving the rate again, in one direction or the other.

The bank's rate is influential, because it has an impact on the interest rates that Canadian consumers get from commercial banks when they borrow or save money.

The Bank of Canada meets every six weeks to set its benchmark interest rate. The bank's next scheduled meeting is April 15.