The Bank of Canada (BoC) is holding its key interest rate for the second time this year, in its first update since Mark Carney's win.

The Bank of Canada on Wednesday held its key benchmark rate at 2.75%, citing the need to probe the effects of U.S. trade policy. The bank said another cut might be necessary if the economy weakened in the face of tariffs.

The Bank of Canada left its main interest rate unchanged, at 2.75%, saying the economy has softened but not deteriorated, and inflation has picked up steam.