The Globe and Mail reports in its Monday edition that on Wednesday, the Bank of Canada kept its policy rate at 2.75 per cent. The Globe's guest columnists Jeremy Kronick and Steve Ambler write that while inflation has been at or below target for most of the past year, there are signs of underlying upward pressure. Canada's economy has proven more resilient than expected, but potential issues may arise in the coming months. The data the BOC receives often tell contradictory stories. While holding rates makes sense now, the guest columnists believe further cuts are likely in the future. There are reasons to question how truly resilient the economy is. Weak hiring and investment will slow GDP growth, along with falling exports, particularly to the U.S. Exports have declined by 27 per cent since January. This decline will impact the broader economy and future trade deals are unlikely to be completely tariff-free. Additionally, core inflation remains stubbornly high, posing a significant challenge for the BOC's mandate. Despite some signs of resilience in the Canadian economy, however, Mr. Kronick and Mr. Ambler do not believe it will last much longer. Cracks are beginning to show. Trade deal or not, more rate cuts are coming.