The Bank of Canada held its interest rate at 2.75 per cent for the third straight time on Wednesday, but left the door open for further rate relief if inflation is contained.
“We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs related to tariffs and the reconfiguration of trade,” Bank of Canada governor Tiff Macklem said in Ottawa.
“If a weakening economy puts further downward pressure on inflation and the upward price pressures from trade disruptions are contained, there may be a need for a reduction in the policy interest rate.”
Macklem said there were three reasons that led to the decision, including the ongoing uncertainty from U.S. trade policy, a more resilient Canadian economy and evidence of underlying inflation pressures.
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