Press Conference: Monetary Policy Report – April 2026

The Canadian economy is expected to grow at a moderate pace as it continues to adjust to US tariffs. Inflation has moved up due to higher oil prices linked to the war in the Middle East. It is projected to then ease back to the 2% target in 2027.

The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.

Governor Tiff Macklem discusses the Monetary Policy Report and the key issues involved in the Governing Council’s deliberations about the monetary policy decision.