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For a rundown of what the BoC and Fed did today, see today's Mortgage Memo.
At Wednesday's press conference, a reporter asked BoC Chief Tiff Macklem what he'll be doing on Saturday morning, when Trump is expected to hit us with tariffs. Rest assured, he won’t be binge-watching Looney Tunes.
Nope. Instead, he'll be "watching the news," he said, pondering how inflation would react to a U.S.-instigated trade scuffle. And so far, he's not sure.
The BoC admits that even its crack team of model-tweaking PhDs can't predict how inflation will pan out in a 25% tariff situation. For Joe and Jane Mortgagor, what chance do they have to get the rate outlook right: 50/50 if they guess?
All this uncertainty makes mortgage term selection like picking a favourite child—tricky, but not impossible.
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