The Bank of Canada, as expected, held the overnight rate at 2.25% for the fifth consecutive meeting. Governor Macklem did not dismiss weaker-than-expected economic data since April but pointed to better-looking underlying details that left their assessment of the economy relatively unchanged from April, with the current stance of monetary policy still appropriate to balance the growth-inflation tradeoff. The central bank continues to balance competing risks – repeating for a second consecutive meeting that U.S. tariff threats could still cause the economy to weaken in a way that would require rate cuts, but that if ... (full story)