The Bank of Canada’s independence could be tested as Mark Carney, former governor of both the Bank of Canada and the Bank of England, is now running for leader of the Liberal Party.

Donald Trump hadn’t even settled into office before his presidency dominated politics — not only in the United States but also in Canada. His threat of across-the-board tariffs of 25% and musings about conquering the country with which the US shares the world’s longest undefended border startled politicians north of the 49th parallel — as well as journalists,

The Bank of Canada on Wednesday cut its benchmark rate for a sixth straight time, and warned of a significant shock to the economy from a U.S.-Canada trade conflict with tariffs of up to 25%.

The Bank of England looks likely to cut interest rates next week, when it could also nudge investors to expect faster reductions than they currently predict as the economy flatlines. Economists polled by Reuters unanimously expect the BoE to cut its benchmark rate to 4.

Here’s the Bank of Canada’s official statement for its rate decision:

Indian-origin Canadian politician Ruby Dhalla has announced her candidacy for the leadership of Canada's Liberal Party. If successful, she could become the first woman of color to serve as Canada’s prime minister.

Liberal Party candidate Ruby Dhalla has joined the race to replace Justin Trudeau as Canada’s prime minister. Born in Winnipeg’s Manitoba to immigrants from Punjab, Dhalla has been part of the Liberal Party since she was a teenager.

BoC lowered its overnight rate by 25bps as Trump threatens to implement a 25% tariff on Canadian goods entering the US. James Marple discusses the impact on monetary policy going forward.

The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%.

In a report following its review of actions taken in response to the pandemic, the Bank of Canada committed to using an exit condition for quantitative easing (QE) in the event it’s needed again, and to communicate more clearly the rationale behind the use of the program.

Former Canadian Finance Minister Chrystia Freeland intends to run to lead the country's governing Liberal Party. In a statement posted on Friday to X, formerly known as Twitter, Freeland expressed her intention to run and said she would hold a formal campaign launch in the coming days.

The 2008 financial crisis and its aftermath vaulted central bankers from obscure technocrats to leading actors in the global economy.