Canada Holds Key Rate Steady

The transcript discusses the impact of wildfires on Canada's GDP, noting a 1.25% decline in the second quarter. The Bank of Canada expects no policy changes as the effects are temporary. Rebuilding efforts may boost GDP in later quarters. The loonie has fluctuated against the US dollar, recently bouncing back due to the Bank of Canada's decisions.

What was the Bank of Canada's expectation for the decline in GDP due to the wildfires?

How much did the Bank of Canada revise its growth outlook for the second quarter?

What does the Bank of Canada believe about the need for a policy response to the economic situation?

What potential impact does rebuilding after the wildfires have on GDP according to the discussion?

What was the recent trend of the Canadian dollar (loonie) against the US dollar?