BOC Minutes: Would probably have left rates unchanged if not for tariff risks ...Middle East

Generally agreed that new data had shifted the balance, with somewhat less risk of lower inflation outcomesWould probably have left rates unchanged if not for tariff risksA 25 bps cut would provide some help to Canadians to manage the uncertainty around tariffsSome officials suggested keep rates unchanged until there was more clarity on tariffsAgreed to proceed carefully with further changes to monetary policySaid it would take time to balance upward pressure on inflation and downward pressure from demand

This is a hawkish take. The market is pricing in 42 bps of easing in the remainder of this year but if Trump doesn't deliver tariffs on Canada, or they're only around 5%, then we could see the market price out further cuts.

This article was written by Adam Button at www.forexlive.com.

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