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.

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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.

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