The Globe and Mail reports in its Thursday edition that the Bank of Canada held interest rates steady at 5 per cent for a third straight decision Wednesday. The Globe's Mark Rendell writes that the policy rate has been unchanged since in July. The BOC said in its one-page announcement, "Governing council is still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed." At the same time, it said high borrowing costs are working to curb spending and that there are signs the Canadian economy is "no longer in excess demand." It dropped a line from its previous rate announcement, in October, that said "inflationary risks have increased." Economists were watching Wednesday's announcement for signs of a pivot from Governor Tiff Macklem and his fellow policy makers. The annual rate of inflation is now near the upper end of the BOC's 1-per-cent to 3-per-cent control range, and economic growth in Canada has stalled in recent quarters. That has led to market speculation that the bank is done tightening monetary policy and could start lowering rates by the middle of next year. However, the bank gave few hints that it is preparing to cut rates any time soon.