Bank of Canada holds rates as core inflation heats up
Governor points to tariffs, but economist highlights “mystery” of core metric’s divergence from headline measure
The Bank of Canada held interest rates today (July 30) for the third meeting in a row.
Governor Tiff Macklem pointed to US tariffs, some resilience in the domestic economy and underlying inflationary pressures as the main reasons for the bank’s decision.
Macklem said there were additional costs from US trade policies that were difficult to calculate, such as the amounts Canadian firms were spending in their efforts to find new suppliers. “There is a sense that US policy may well remain
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