Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers revealed that the central bank has once again held it's target rate at 2.25 per cent in a press conference Wednesday.
In a statement, Governor Tiff Macklem highlighted the four-month long conflict in the Middle East pushing up energy prices and disrupting global supply chains.
U.S. tariffs were also underscored as a source of "elevated" uncertainty as the U.S. administration continues proposing new tariff policies that may further impact the Canadian economy.
"Economic activity in Canada has been weak and uncertainty about U.S. trade policy persists.
The conflict in the Middle East is ongoing and oil prices remain elevated."
Several economists believe a rate hike in the coming months is more likely than a cut amid the recently announced “technical recession.”
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