The Globe and Mail reports in its Thursday, Jan. 29, edition that the Bank of Canada kept interest rates steady on Wednesday. The Globe's Mark Rendell writes that Governor Tiff Macklem bluntly noted the shifting world order, indicating that rules-based trade with the United States is over, the independence of the U.S. Federal Reserve is at risk and investor confidence in the U.S. dollar is declining. The BOC's governing council has maintained the benchmark policy rate at 2.25 per cent since October. Mr. Macklem said the current level is "appropriate" due to expected slow but positive economic growth and subdued inflation. However, rising U.S. trade and territorial tensions have made the outlook for the Canadian economy and interest rates uncertain. Mr. Macklem said, "Uncertainty around our forecast is heightened, and the range of possible outcomes is wider than usual." The governing council agreed that elevated uncertainty complicates predicting the timing or direction of the next policy rate change. Financial markets expect the BOC to stay on hold through 2026. Later Wednesday afternoon, the U.S. Federal Reserve also held interest rates steady after three consecutive cuts.