Canada surprises markets with rate hold

The Bank of Canada's decision to leave rates on hold shocked analysts expecting a 25 basis point cut.

The central bank had hinted in April that it would cut rates at its next meeting in June, saying then that "some further monetary stimulus will likely be required to achieve the inflation target." But rates remained at 3.25% on Tuesday after the central bank judged the balance of risks for inflation to have "shifted slightly to the upside."

"Although the composition of US growth has not been f

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