Bank of Canada Governor Tiff Macklem noted that potential tariffs imposed by the Trump administration create significant uncertainty, impacting Canadian exports and economic outlook.
The Bank has cut its key policy rate by 50 basis points, moving to a gradual approach to future monetary policy adjustments in response to evolving economic conditions.
Macklem emphasized that with inflation at target and a need for growth, the bank's monetary policy should no longer remain in a clearly restrictive zone.
He indicated that the economic forecast is further complicated by anticipated weaker growth due to reduced immigration levels and potential tariffs affecting Canada's exports.
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