The US and Canada, close allies and neighbors with the longest international border in the world—5,525 miles, when you include the border with Alaska—usually act in tandem in matters involving national security and fiscal policy, among other areas of close cooperation.
When it comes to interest rates, the Bank of Canada usually moves in lockstep with the Federal Reserve because the value of the Canadian dollar is closely pegged to the US greenback.
But the senior deputy governor of the Bank of Canada made it clear last week that Canada will chart its own course from now on regarding interest rate hikes—holding steady for now at the 4.50% ceiling it established on January 25.
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