The Federal Reserve met today and did not cut rates today as many had expected.  Yesterday, interest rate futures, as well as many economists, were predicting a 1/4% cut. 

For now, both the Fed and the Bank of Canada will wait and watch how the market crisis unfolds.  The odds are that neither will change interest rates before their next scheduled meetings, unless the markets get much uglier.

5-year Canadian bond yields are up 7 basis points (0.07%) on the news.

Last modified: September 16, 2008