As widely expected, the Bank of Canada today held its policy interest rate steady at 4.5%. It’s welcome relief for Canadians after a year of consecutive rate hikes. The central bank made good on its word back in January, when Governor Tiff Macklem said it was taking a “conditional pause” on interest rate hikes amid signs that inflation was slowing. Scotiabank’s Chief Economist Jean-François Perrault returns to chat with Armina Ligaya from the Perspectives newsroom team and break down how long this pause may last, when we could see rates begin to drop and why the U.S. central bank’s anticipated hikes may have a ripple effect on the Bank of Canada.