The Bank of Canada is holding interest rates at 2.75 per cent after seven consecutive cuts.

Governor Tiff Macklem says a lot has happened since the last rate adjustment in March, and the future remains unclear given the U.S. government’s tariff policy.

He says they thought it prudent to hold the line until more information becomes available.

“Faced with pervasive uncertainty, governing council will proceed carefully, with particular attention to the risks. That means being less forward-looking than usual until the situation is clear. It also means we are prepared to act decisively if incoming information points clearly in one direction.”