The Bank of Canada cuts its policy rate by 25bp to 2.50%, as expected.

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Core inflation remains sticky, but the BoC will focus on increased slack in the economy and cut
Inflation accelerated to 1.9% in August, while the Bank of Canada’s preferred measures of core inflation eased slightly to 3.05%.
Housing activity improves, despite a weak labour market
Households’ debt burden rises again and the debt-service ratio is marginally higher
Households’ indebtedness increased slightly in 2025Q2 for a second quarter in a row, but remained close to its lowest level since 2015, if we exclude the pandemic.
The labour market deteriorates further, putting pressure on the BoC to cut in September
Employment dropped by 65.5k in August, significantly weaker than expected, marking a second consecutive month of decline.
Core inflation remains sticky, leaving the BoC in wait-and-see mode
Inflation decelerated to 1.7% in July and the Bank of Canada’s preferred measures of core inflation rose slightly to 3.05%, in line with expectations.