The Bank of Canada held its rate at 5%, as expected. ICYMI:

Via Scotia Bank response... "CUTS PUSHED OUT AGAIN:

  • April's meeting pricing was further reduced with now only 6–7bps of a cut priced.
  • June's pricing was also trimmed back from nearly a full quarter point cut to 18–19bps.

And, the BoC is:

  • clearly on the sidelines awaiting more evidence before deciding what to do
  • (no) language of a central bank moving toward easing anytime soon
Macklem March

Bank of Canada Governor Macklem