Bank of Canada governor Tiff Macklem. Photo by Peter J. Thompson/National Post

The Bank of Canada decided to hold its interest rate on Wednesday, saying uncertainty remains high and it will continue to assess the impact of U.S. tariffs on the economy.

“The Canadian economy is softer but not sharply weaker. And we’ve seen some firmness in recent inflation data,” said Bank of Canada governor Tiff Macklem , in prepared remarks in Ottawa.

“Against this backdrop, we decided to hold the policy rate unchanged as we continue to gain more information on U.S. trade policy and its impacts.”

Macklem added that the trade conflict with the United States remains “the biggest headwind facing the Canadian economy.”

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