The Bank of Canada held its overnight rate steady for the third consecutive meeting in July despite acknowledging some softening in the Canadian economy since January.

In this episode of the 10-Minute Take, RBC Economics' Claire Fan and Carrie Freestone break down:

• What's keeping the central bank on the sidelines.
• How CUSMA exemptions have protected Canada from the worst of U.S. tariff impacts.
• The role of growing government spending plans in shaping the outlook.