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Deputy Governor Rhys Mendes speaks about how the Bank of Canada assesses underlying inflation, including the use of measures of core inflation. He also touches on the renewal of the monetary policy framework, which happens in 2026.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on September 17, 2025.

Governor Tiff Macklem discusses four megatrends that are transforming the global economic and financial landscape. He outlines how US tariffs are affecting the Canadian economy and what structural changes are needed to ensure Canada’s prosperity.

Ron Morrow, Executive Director of Payments, Supervision and Oversight, talks about innovations in the payments ecosystem. He also highlights the Bank’s new role as supervisor of payment service providers.

The Bank of Canada today reduced 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%.