The Bank of Canada kept its benchmark interest rate steady on Wednesday and offered little guidance about where monetary policy will go next as U.S. protectionism continues to reshape the Canadian economy.

As widely anticipated, the bank’s governing council kept the policy rate at 2.25 per cent, where it has been since October.

Governor Tiff Macklem said this level “remains appropriate” given the bank’s outlook for slow, but positive economic growth, and subdued inflation. But he was non-committal about how long the bank would remain on hold or what its next move might be.  

“Uncertainty around our forecast is heightened and the range of possible outcomes is wider than usual. U.S. Trade policy remains unpredictable, and geopolitical risks are elevated,” Mr. Macklem said, according to the prepared text of his press conference opening statement.