The Bank of Canada held its overnight rate for a seventh straight decision on September 2, the longest stretch without a move since the current cutting cycle began. Governor Tiff Macklem called July's inflation reading too high, but said Canada's own retaliatory tariffs pose only a modest inflation risk. The bigger threat comes from the Strait of Hormuz, where an escalating conflict has pushed oil back toward $100 a barrel. Markets are pricing a 92% chance of an eighth hold on October 28.
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