Kevin Carmichael: The U.S. president’s assault on global trade is so severe that Stephen Poloz had little choice but to leave borrowing costs unchanged
If not for Donald Trump, the Bank of Canada probably would be raising interest rates.
But Trump exists, and the U.S. president’s assault on the norms of global trade is so severe that the central bank has little choice but to leave borrowing costs unchanged, lest it add to the chaos.
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“Trade policy developments are an important and growing source of uncertainty for the global and Canadian outlooks,” the Bank of Canada said in summing up its latest round of policy deliberations, which ended with a decision on Wednesday to leave its benchmark lending rate unchanged at 1.25 per cent.
That wasn’t a surprise.