The Twenty-Four
“At this decision there was a clear consensus to hold our policy rate unchanged”
—Tiff Macklem, July 30, 2025 Press Conference
“Don't you know, things can change
Things'll go your way
If you hold...on for one more day”
—Hold On, Wilson Phillips
The Bank of Canada’s decision to hold its policy rate at 2.75% for the third straight meeting shocked almost no one, including us. It was our call.
The Bank is content to wait it out for now, looking for more progress on inflation before cutting again.
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Canada’s export story
After significant advances last year, gold has been playing an even larger role in Canada’s export story in 2026. Canada’s recent trade data shows a historic spike in gold exports overseas.
Canadian exports to the United Kingdom are up about 94% compared to the first seven months of last year, while Canada exported almost $1.5 billion in gold to the Netherlands in June, despite not having exported a dollar of gold to the country in the last 24 months.
Economics News