1212 ET - Missing from the Bank of Canada's policy-rate decision, a quarter-point cut to 3%, was any semblance of rate guidance. In December, it signaled rates could be headed down further but a gradual pace. Gov. Tiff Macklem told reporters that the missing guidance is easy to explain, and circles back to President Trump's tariff threat. "There's a lot of uncertainty out there, and it just didn't seem very useful to provide guidance," he says at press conference. Macklem says future rate decisions will depend on which of the forces is more powerful: either the expected downward hit to growth from tariffs of 25%; or the upward pressure on prices for Canadians as the government here retaliates. (paul.vieira@wsj.com; @paulvieira)

(END) Dow Jones Newswires

January 29, 2025 12:12 ET (17:12 GMT)

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