Economic growth is slowing but the central bank’s leaders are still worried about “the persistence of underlying inflationary pressures” and expect the inflation rate to rise again with higher gasoline prices, the bank said in announcing its decision. (The Logic)

Talking point: The announcement implied that the bank chose not to raise the rate further this time, but might do so at the next scheduled update on Oct. 25. Premiers David Eby of B.C., Doug Ford of Ontario and Andrew Furey of Newfoundland and Labrador had urged the bank against an increase, saying previous hikes aimed at the rising cost of living are hurting debtors in their provinces—and indeed the Bank of Canada noted a “marked weakening in consumption growth” and household borrowing. Housing activity has also declined, which is the opposite of what’s needed to moderate rents and purchase prices, but wage growth has slightly outpaced the inflation rate lately, the bank said.