{"id":61409,"date":"2026-04-29T11:39:15","date_gmt":"2026-04-29T15:39:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/boc-holds-rates-at-2-25-amid-energy-volatility-us-crude-exports-hit-record-6m-bpd\/61409\/"},"modified":"2026-04-29T11:39:15","modified_gmt":"2026-04-29T15:39:15","slug":"boc-holds-rates-at-2-25-amid-energy-volatility-us-crude-exports-hit-record-6m-bpd","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/boc-holds-rates-at-2-25-amid-energy-volatility-us-crude-exports-hit-record-6m-bpd\/61409\/","title":{"rendered":"BoC Holds Rates at 2.25% Amid Energy Volatility; US Crude Exports Hit Record 6M BPD"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Bank of Canada maintains the benchmark interest rate at 2.25%<\/strong>, though Governor Tiff Macklem warned that persistent energy price spikes could necessitate future hikes.<\/li>\n<li><strong>U.S. weekly crude exports reached a historic record of over 6 million barrels per day<\/strong>, driven by global supply disruptions stemming from the ongoing conflict in Iran.<\/li>\n<li><strong>The Pentagon has spent $25 billion on the Iran war to date<\/strong>, according to Comptroller Jules Hurst, as the U.S. intensifies pressure to force Tehran into nuclear talks.<\/li>\n<li><strong>Visa (<a href=\"\/stock\/V\">V<\/a>) expanded its stablecoin settlement pilot to nine blockchains<\/strong>, including Polygon and Base, as its annualized settlement volume hit <strong>$7 billion<\/strong>.<\/li>\n<li><strong>UK Prime Minister Keir Starmer called for an emergency committee meeting<\/strong> following a &quot;horrific&quot; stabbing incident in London targeting the Jewish community.<\/li>\n<\/ul>\n<h2>Bank of Canada Navigates Energy-Driven Inflation<\/h2>\n<p>The <strong>Bank of Canada (BoC)<\/strong> elected to hold its target for the overnight rate at <strong>2.25%<\/strong> on Wednesday, marking a cautious stance as the global economy grapples with the fallout from the Middle East conflict. Governor <strong>Tiff Macklem<\/strong> emphasized that while there is no set timeline for future rate adjustments, the central bank is prepared to act if energy prices remain &quot;higher for longer.&quot;<\/p>\n<p>Senior Deputy Governor <strong>Carolyn Rogers<\/strong> noted that while oil prices are a significant immediate concern, <strong>long-term trade tensions<\/strong> represent a more substantial threat to the Canadian economy. The BoC&#39;s April outlook assumes that global oil prices will eventually cool to <strong>$75 per barrel<\/strong> by mid-2027, though current volatility has already pushed Canadian inflation to <strong>2.4%<\/strong> in March.<\/p>\n<h2>Energy Markets Hit Record Milestones<\/h2>\n<p>U.S. energy dominance reached a new peak this week as <strong>weekly crude exports surged past 6 million barrels per day<\/strong> for the first time in history. This record-breaking volume comes as overseas buyers scramble to replace Middle Eastern supplies lost to the blockade of the <strong>Strait of Hormuz<\/strong> and broader regional instability.<\/p>\n<p>The surge in exports has helped push total U.S. petroleum shipments to a fresh record of over <strong>14 million barrels per day<\/strong>. Despite the increased supply, market analysts warn that the global energy gap remains severe, with Asian refiners particularly vulnerable to the effective closure of critical Persian Gulf waterways.<\/p>\n<h2>Geopolitical Costs and Security Concerns<\/h2>\n<p>In testimony before the House Armed Services Committee, Acting Pentagon Comptroller <strong>Jules Hurst<\/strong> revealed that the U.S. military campaign in Iran has cost approximately <strong>$25 billion<\/strong> since operations began on February 28. Defense Secretary <strong>Pete Hegseth<\/strong> defended the expenditure, stating that the U.S. is maintaining &quot;maximum pressure&quot; to force Iran back to the negotiating table regarding its nuclear program.<\/p>\n<p>Meanwhile, in the United Kingdom, <strong>Prime Minister Keir Starmer<\/strong> has called for an emergency committee meeting following a targeted stabbing attack in North London. The Metropolitan Police described the incident as a &quot;horrific act of violence&quot; directed at the <strong>Jewish community<\/strong>, prompting a surge in high-visibility patrols across the capital.<\/p>\n<h2>Fintech and Market Sentiment<\/h2>\n<p>On the corporate front, Visa (<a href=\"\/stock\/V\">V<\/a>) announced a major expansion of its <strong>stablecoin settlement pilot<\/strong>, adding support for five new blockchains: <strong>Base, Polygon, Arc, Canton, and Tempo<\/strong>. The program now spans nine networks and has seen its annualized settlement run rate grow <strong>50% quarter-over-quarter<\/strong> to reach <strong>$7 billion<\/strong>.<\/p>\n<p>Despite the technological progress in payments, broader market sentiment remains fragile. Financial stocks are currently in a <strong>technical correction<\/strong>, and some analysts warn that the current market rally is &quot;100% overdone.&quot; Market veterans noted that a sustained rally has never been trusted in the last 40 years without full participation from the <strong>financial sector<\/strong>, which continues to face pressure as private credit and equity markets are &quot;choked off.&quot;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Bank of Canada maintains the benchmark interest rate at 2.25%, though Governor Tiff Macklem warned that persistent energy 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