Press Conference: Monetary Policy Report – January 2026

The Canadian economy continues to adjust to US tariffs and the new global trade landscape. This adjustment will take time and growth is expected to be modest. Inflation is projected to remain near the 2% target.

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.