The Bank of Canada considered cutting interest rates in July but preferred to wait for more data.

On August 14, Jin10 reported that the Bank of Canada discussed a 25 basis point rate cut at its July meeting, but ongoing trade disputes with the United States, the resilience of the Canadian economy, and rising Inflation risks ultimately led the Bank of Canada to keep the policy interest rate at 2.75% for the third consecutive meeting. The Bank of Canada's meeting minutes stated, "It is still too early to assess how tariffs and trade restructuring will affect Canadian economic activity and Inflation. The members unanimously agreed that if the economy continues to weaken and core inflation pressures diminish, they need to wait for clearer information before drawing a definitive conclusion on whether there is more room for easing."