This has been a big week for allies going in separate directions from the United States. After Emmanuel Macron told China that France might have a different strategy for Taiwan than the US, Canada said "no thanks" to the Fed's continuing campaign of interest rates hikes.
While the CPI remains above 5% in the US and Canada, the Bank of Canada reiterated this week that it has no intention of tampering with Canada's relatively strong economy—which is expected to lead the G7 in GDP this year—by initiating new rate hikes.
Canada's central bank said this week it will continue to chart its own course on interest rates, maintaining a pause on rate increases and the 4.50% ceiling it established on January 25 despite a continuation of rate hikes by the Federal Reserve.
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