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Story summary
- Bank of Canada will hold overnight rate at 2.25% on July 15 and keep it unchanged into next year.
- Inflation rose to 3.2% in May, breaching the 1%-3% target range for the first time since December 2023.
- A Reuters poll of 36 economists expected the rate hold and said borrowing costs stay unchanged until July 2027.
- Economists forecast 2026 inflation to average 2.6% (core 2.1%) and GDP growth to reach 1.8% in 2027.
