The Bank of Canada’s governing council says it’s difficult to predict which direction interest rates may go as trade uncertainty clouds its outlook.
The central bank released a summary Tuesday of its deliberations leading up to its decision earlier this month to hold its main policy rate steady at 2.25 percent.
Council members all believed the current rate is appropriate for now, with the global and Canadian economies staying relatively resilient in the face of trade upheaval, the document said.
“Given the high level of uncertainty, members agreed that while the current policy rate was at about the right level in the current situation, it was difficult to predict when and in which direction the next change in the policy rate would be,” it said….