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This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 12, 2025.

Governor Tiff Macklem discusses how the US trade conflict and uncertainty is hurting business and consumer confidence. He also outlines what the Bank is doing to ensure the trade conflict doesn’t cause widespread or persistent inflation.

Learn about the recipient of the Governor’s Award for 2025.

The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.

To better understand how the trade conflict initiated by the US administration is affecting the economic decisions of Canadians, the Bank of Canada has enhanced its consultations with businesses and households.