The Bank of Canada hit pause again in January, keeping interest rates at 2.25%. No hike, no cut, just a cautious wait-and-see move.

Inflation is basically where the Bank wants it, growth is slowing, and jobs aren’t exactly booming. With a major CUSMA review coming this summer and fresh tariff threats flying around, the Bank says uncertainty is off the charts.

Governor Tiff Macklem was pretty blunt: the days of smooth, rules-based trade with the U.S. are likely over, and Canada’s economy is going to feel that. For households and businesses, rates staying put means borrowing costs aren’t getting worse, but they’re not getting easier either.

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