The Bank of Canada has decided to hold its key policy rate steady at 2.75%, for the third consecutive time, amid ongoing trade uncertainty.  

Scotiabank’s Chief Economist Jean-François Perrault returns to break down the central bank’s decision to hold once again, how Canada’s economy has been stronger than anticipated, possible economic scenarios ahead, and much more. 

For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures 

Key moments this episode: 

 1:10 - JF’s main takeaway from the decision 

1:35 - Did we learn anything from the Bank of Canada’s commentary or outlook? 

2:31 - Was a hold the right call in JF’s view? 

3:16 - JF walks us through the Bank of Canada’s three possible economic scenarios ahead 

5:18 - What scenario does JF think is most likely? 

5:55 - How unusual is it for the Bank of Canada to not have an economic forecast? 

7:14 - What is the current state of Canada’s economy? 

9:30 - A breakdown of Canada’s “unbelievable” employment numbers 

10:34 - Which sectors are feeling the impact of trade uncertainty the most? 

12:17 - Scotiabank Economics’ outlook for rate decisions for the rest of 2025 

15:07 - What’s happening in Canada’s housing market? 

16:54 - JF’s main takeaways for Canadians from the Bank of Canada’s decision and outlook?