The Bank of Canada has decided to maintain its current benchmark lending rate steady at one per cent,  taking time to digest recent economic data after two small hikes earlier this year.

Canada’s central bank said Wednesday it has decided to keep its target for the overnight rate right where it is, while rate hikes in July and in September continue to work their way through the economy.

“While higher interest rates will likely be required over time,” the bank said, “the current stance of monetary policy remains appropriate.”

The bank noted that economic data has been coming in within range of what it was forecasting as recently as October, when the bank was expecting moderate growth for the rest of this year after a strong start to 2017.