With continued uncertainty on how tariffs will impact the economy, The Bank of Canada held its benchmark interest rate steady at 2.75 per cent today.

Economists and financial markets had expected the second consecutive hold. Today marked the start of new 50 per cent tariffs on steel and aluminum imports into the United States — double the previous rate.

Inflation dipped to 1.7 per cent in April largely due to the federal government’s removal of the consumer carbon price, which drove down prices at the gas pump. Without including taxes, inflation would have stood at 2.3 per cent in the month, up from 2.1 per cent in March and surpassing the central bank’s expectations.