Bank of Canada maintains policy rate.  Inflation in most advanced economies easing gradually. US economy stronger than anticipated. Global oil prices have moved up.  In Canada,  labour market conditions continue to ease, unemployment rate has risen gradually, wage pressures are moderating.  However, shelter price inflation is still very elevated, driven by growth in rent and mortgage interest costs.

Looks like it is much about core inflation now,  which will drive the rate drop decision.   “While inflation is still too high and risks remain, CPI and core inflation have eased further in recent months. The Council will be looking for evidence that this downward momentum is sustained. Governing Council is particularly watching the evolution of core inflation”   Inflation rates are projected to reach central bank targets in 2025.  Next BoC meeting June 5, followed by July 24.    Next US Fed rate announcement is May 1, followed by June 12.