The Bank of Canada is leaving its benchmark interest rate unchanged as it tries to chart a course through global uncertainty. The central bank’s policy rate remains at 2.25 per cent today after its fifth consecutive hold. Bank of Canada governor Tiff Macklem says in prepared remarks that the economy was softer than expected in the first quarter of the year but global oil prices are also staying higher than first thought, which could keep the annual rate of inflation near three per cent for the next few months. The Bank of Canada can’t effectively respond to rising inflation and a weaker economy at the same time, so Macklem says leaving the policy rate unchanged balances those risks. The central bank sees a rebound in economic growth on the horizon but Macklem warns uncertainty is high around the war in Iran and US trade policy.