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A surprisingly strong June jobs report and signs of stubbornness in core inflation convinced many economists the bank would remain on hold.

The Bank of Canada left its key rate unchanged at its two most recent decisions as it waits for more clarity on how Canada’s tariff dispute with the United States will affect inflation and the economy.

The rate decision will come with a new monetary policy report where the central bank is expected to share its outlook for the economy as trade uncertainty persists.

At its April decision, the bank didn’t put out a traditional forecast and instead published a pair of scenarios for how the economy could respond to various levels of tariffs going forward.

This report by The Canadian Press was first published July 30, 2025.