The Bank of Canada today held its key policy interest rate steady at 2.25% for the seventh consecutive meeting, citing a broadening economic recovery that saw second-quarter GDP growth accelerate to an annualized 3.3% amid solid gains in consumption, housing, exports and business investment, while the unemployment rate edged down to 6.4%. Headline inflation remained near 3% largely due to elevated gasoline prices from the ongoing Middle East conflict, though core measures stayed close to the 2% target with limited evidence so far of broader spillover; however, Governing Council noted rising upside risks to inflation from persistently high energy prices and new U.S. tariffs plus Canadian countermeasures that also cloud the growth outlook, stating it remains prepared to adjust policy as needed while judging the current rate appropriate for now.

John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)

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