June's cooler reading was driven by a temporary drop in gasoline prices tied to a ceasefire that has since collapsed, with Brent crude back above $100 a barrel and WTI near $92 after Houthi strikes on Saudi tankers. The Bank of Canada held its rate at 2.25% on July 15, its sixth straight hold, with the next decision set for September 2, sixteen days after the July CPI report lands. Five-year Government of Canada bond yields have already climbed to about 3.13%, a signal for fixed mortgage renewals.
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