The Globe and Mail reports in its Tuesday, March 24, edition that expectations for Bank of Canada interest rates have swung wildly in recent days thanks to the Iran war and President Donald Trump's TACO style of governance. The Globe's Mark Rendell writes that as of Monday afternoon, interest-rate swap markets indicated the BOC might implement 2.5 quarter point hikes this year, starting in July. Last week, traders expected one rate hike from the BOC this year, while less than a month ago, they anticipated no changes through 2026 and potential rate cuts later this year. The extraordinary repricing is part of a global shift in interest-rate expectations owing to the war in the Middle East, reigniting fears of inflation around the world. Weak economic growth and uncertainty around trade with the United States could make the BOC reluctant to increase interest rates. TD Securities analyst Andrew Kelvin says: "The [BOC] is giving no indication that they are looking at near-term rate hikes, and they remain very concerned with the growth outlook. So in that sort of a world, market pricing does look frankly detached from reality." BOC Governor Tiff Macklem has said he would raise rates if needed, but is in no hurry to do so.