The Globe and Mail reports in its Friday, March 29, edition that Canada's gross domestic product rebounded in January, exceeding expectations. A Reuters dispatch to The Globe reports that estimates for February indicate continued growth, reducing pressure on the Bank of Canada to cut interest rates. The economy saw a growth rate of 0.6 per cent in January, marking the fastest growth in a year. Statistics Canada has termed this growth as a broad-based expansion. It is expected that the GDP for February will also show growth of 0.4 per cent. Analysts had forecast a GDP growth of 0.4 per cent on a month-on-month basis in January. December GDP was revised to a 0.1-per-cent contraction from zero growth initially reported. Money markets widely expect the BOC to hold its key overnight rate at the same level on April 10 and a rate cut in July is fully priced in. CIBC economist Andrew Grantham says the data "clearly suggests there is no urgency for an immediate reduction in interest rates." The BOC has maintained its key policy rate at a 22-year high of 5 per cent since July, but BOC's governing council in March agreed that conditions for rate cuts should materialize this year if the economy evolves in line with its projections.