The Globe and Mail reports in its Monday, Dec. 4, edition that the Bank of Canada is expected to keep interest rates steady in its rate decision this week. The Globe's Mark Rendell writes that the BOC has held its policy rate at 5 per cent since July, while leaving the door open for further increases if inflation does not move lower. However, over the past month, the likelihood of additional monetary-policy tightening appears to have declined. Governor Tiff Macklem said in November that interest rates "may now be restrictive enough," and that excess demand in the economy "is now gone" -- his clearest comments to date suggesting that interest rates have peaked. This message was reinforced by a string of data showing the Canadian economy is struggling to grow under the weight of high borrowing costs, and that inflation is finally moving in the right direction again, after trending higher over the summer. Bay Street analysts, however, do not expect the BOC to adopt a noticeably more dovish tone in Wednesday's statement-only rate announcement. RBC director Simon Deeley says getting interest rates back down into neutral territory "will be a high hurdle as they just can't afford another mistake."