BOC Reveals Latest Rate Decision Amid Tariff Turmoil
Inflation Fears – Gathering Storm Clouds Over Canada’s Economy
Bank of Canada has opted against cutting interest rates in June, holding its benchmark rate steady amid concern over a potential inflation.
Rate unchanged at 2.75% – the second time in a row it’s kept rates at their current level.
Statistics Canada said on Friday (May 30) that the economy expanded by 2.2% in the opening three months of the year, higher than the 1.7% growth expected by economists, even though that was spurred in large part by US buyers rushing to bring in exports ahead of the Trump administration’s tariff wave.
US trade policy has been marked by unpredictability and shifting language since Trump first pushed ahead with huge levies on Canadian imports in the first quarter.
The central bank will be keeping a keen eye on economic data including the inflation and growth outlooks between now and its next decision, scheduled for July 30.
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