MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

Canada's finance minister said the central bank's decision to pause interest-rate hikes on Wednesday is a "welcome relief" for the public, underscoring the growing political stakes created by high borrowing costs and inflation.

Chrystia Freeland's statement came less than an hour after the Bank of Canada's decision to hold its trend-setting interest rate at 5%, the highest since 2001.

"I fully respect the independence of the Bank of Canada as it delivers on its mandate to return inflation to target," she said. "My number one priority is to use all the tools at my disposal, and to work with partners at other levels of government across Canada, to ensure that interest rates can come down as soon as possible." (See: MNI INTERVIEW:Trudeau Pushes BOC To High-For-Long Rate-Asselin)