From Global News.

The Bank of Canada held its benchmark interest rate unchanged at 2.25 per cent on Wednesday as the Iran war entered its third month, leading to a continued fog of uncertainty over the global economy.

This marks the fourth straight rate hold for the central bank since it delivered a 0.25 per cent cut in October 2025.

"The war in the Middle East has sent global energy prices sharply higher, increased financial market volatility, and disrupted shipping… this has lowered the outlook for global growth while boosting inflation," Governor of the Bank of Canada Tiff Macklem said.

Macklem continued: "if energy prices go higher and particularly if they stay higher for longer, there could well be a need to increase the policy rate to get inflation back to 2 per cent. And really the message is, you know, we’re committed to ensuring that inflation does stay close to 2 per cent over time."

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