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Bank of Canada Deliberations May Offer Clues on Trade Risks, Rate Outlook, BMO Says

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The Bank of Canada will publish the summary of deliberations from its July 15 policy meeting on Wednesday, potentially providing more insight into policymakers' views on trade uncertainty and the rate outlook, according to Bank of Montreal Capital Markets (BMO) in a note.

The BoC kept rates unchanged for a sixth straight meeting earlier this month, as expected. Its Monetary Policy Report showed stronger growth forecasts despite weak Q1 data, while inflation projections were largely unchanged. Policymakers noted businesses are increasingly adapting to trade uncertainty, though risks have risen since the meeting.

BMO said it expects the BoC to remain on hold in September, with policymakers and markets closely watching tariff developments, including the Aug. 19 implementation date, and incoming economic data ahead of the meeting.

Last week, the administration of President Donald Trump announced new specific tariffs on Canada, starting from Aug. 19.

The July Summary of Deliberations is scheduled to be released at 1:30 p.m. ET Wednesday.

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