Bank of Canada Holds Rate Steady Amid Ongoing Middle East Conflict

The Bank of Canada (BoC) has maintained its policy rate at 2.25% for the seventh consecutive meeting.

In a statement, the bank explained that it kept the policy rate unchanged due to the economy and inflation being in line with expectations.

The BoC stated that the ongoing conflict in the Middle East is driving up energy prices.

The bank also noted that long-term bond yields have risen globally, including in Canada, and recent data confirms a broad-based recovery in the Canadian economy.