The Bank of Canada maintains interest rates unchanged, indicating that it will "ignore" the short-term spike in oil prices.

The Bank of Canada maintains its interest rate, indicating that it will "ignore" the short-term surge in oil prices and continue to focus on the downside risks to economic growth. The Bank of Canada stated in its announcement that it cannot predict the duration and scale of the Iran conflict, describing its economic impact as "highly uncertain." Additionally, due to the ongoing trade dispute with the United States leading to persistent excess capacity in the economy, upward risks to inflation in Canada may be limited. Bank of Canada Governor, Tiff Macklem, pointed out that inflation is close to the Bank's 2% target, and the economy is still in a state of surplus supply. The risk of rapidly rising energy prices spreading to other goods and services prices appears to be under control. At the same time, the Bank removed the language from its interest rate statement in January that implied the current policy rate is "still appropriate." Policymakers stated that they are "prepared to respond as necessary."