The central bank pointed to "unexpected firmness" in inflation data, resilience of economy in decision to hold rate steady
Governor Tiff Macklem signals openness to rate cuts if trade tensions hurt growth
Trade conflict is dimming growth prospects, raising inflation fears
Analysts expect the ECB to cut rates by a quarter percentage point this week as concerns mount over U.S. tariffs
Inflation looks temporary, but growth risks persist
The central bank is expected to hold rates on Wednesday, but some economists say there are "psychological" reasons for a cut
Consumer prices rose just 2.1% in April compared with a year earlier, down from 2.3% in March
U.S. labour market remains strong with steady job growth and low unemployment
Tariffs complicate interest rate decisions, despite Trump's push for lower borrowing costs
Higher operating costs seen as the main obstacle to growth