Bank of Canada Deliberations Validate Recent Wait-And-See Policy Message, Desjardins Says

06:49 AM EDT, 06/25/2026 (MT Newswires) -- The Bank of Canada's governing council is waiting for clarity after first quarter gross domestic product, May employment and April inflation data showed little had changed since its April discussions, Desjardins Securities said in a note.

BoC policymakers continue to see excess supply in the economy and slack in the labor market, the bank said after Wednesday's publication of the Summary of Governing Council deliberations of the June 10 meeting.

Canada's central bank is willing to look through temporary energy-related inflation but remains watchful of wider risks, and considers holding rates steady the most balanced approach for now, wrote Tiago Figueiredo of Desjardins.

"The main message is that policymakers still prefer to wait for more clarity," the bank said. Desjardins still expects the BoC to keep rates on hold through year-end.

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