Press Conference: Monetary Policy Report – October 2026

Inflation in Canada has been higher than anticipated and is projected to remain around 3% through much of 2027. It then returns close to 2% by the middle of 2028. The outlook for growth has improved, but uncertainty remains elevated.

The Bank of Canada today increased its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.

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