1725 ET - Traders weren't really interested in what Bank of Canada Gov. Tiff Macklem was saying about the decision to hold rates steady, says Derek Holt, economist at Bank of Nova Scotia. The BOC's communications, he argues, were "stale on arrival," with traders instead eyeing higher interest rates due to sharply higher oil prices on fresh trouble in the U.S.-Iran conflict. Expectations for at least two rate hikes in Canada rose in overnight-index swap trading, with Brent and WTI trading above $100 a barrel. Holt says Macklem opening the door to future rate changes -- both hikes and cuts -- suggests the probability of policy change is higher. (paul.vieira@wsj.com; @paulvieira)
(END) Dow Jones Newswires
April 29, 2026 17:25 ET (21:25 GMT)
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