January 28, 2026 Bank of Canada maintains policy rate at 2¼% Media Relations Ottawa, Ontario 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%. Content Type(s): Press, Press releases
January 28, 2026 Bank of Canada interest rate announcement and release of the Monetary Policy Report On Wednesday, January 28, 2026, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision. The Bank will also publish its quarterly Monetary Policy Report (MPR) at the same time as the rate decision. Content Type(s): Press, Media advisories
January 28, 2026 Interest Rate Announcement and Monetary Policy Report 09:45 (ET)On eight scheduled dates each year, the Bank of Canada announces the setting for the overnight rate target in a press release explaining the factors behind the decision. Four times a year, Governing Council presents the Monetary Policy Report: the Bank’s base-case projection for inflation and growth in the Canadian economy, and its assessment of risks. Content Type(s): Upcoming events
January 28, 2026 Monetary Policy Report—January 2026—Projections The outlook for the Canadian economy is evolving largely as anticipated. Economic growth is expected to average around 1¼% over the projection horizon, and inflation remains near 2%.
January 28, 2026 Monetary Policy Report—January 2026—Risks With geopolitical uncertainty elevated and Canada’s trade agreement with the United States and Mexico under review, risks around the outlook are unusually high.
January 28, 2026 Monetary Policy Report Press Conference Opening Statement Opening statement Tiff Macklem Ottawa, Ontario Governor Tiff Macklem discusses the Monetary Policy Report and the key issues involved in the Governing Council’s deliberations about the monetary policy decision. Content Type(s): Press, Speeches and appearances, Opening statements
January 28, 2026 Monetary Policy Report—January 2026—Canadian economy—Tariff and other assumptions US tariffs remain elevated. The future of trade in North America continues to be highly uncertain.
January 28, 2026 Monetary Policy Report—January 2026—In focus—How Canadian businesses are adapting to US tariffs Canadian businesses continue their efforts to expand exports to countries other than the United States. Trade tensions are also leading Canadian businesses to rely less on US imports.
January 28, 2026 Monetary Policy Report—January 2026—In focus—The review of the Canada–United States–Mexico Agreement The future of Canada’s trade agreement with the United States and Mexico is unclear. A review of the agreement could lead to many possible outcomes, and these can have a wide range of impacts on the Canadian economy.
January 19, 2026 Canadian Survey of Consumer Expectations—Fourth Quarter of 2025 Results of the fourth-quarter 2025 survey show that concerns over high prices and economic uncertainty related to the trade conflict continue to have a negative impact on consumers. As a result, even though labour market conditions improved somewhat, the CSCE indicator declined slightly. Expectations for near-term inflation remain higher than they were before the pandemic, while those for long-term inflation eased below pre-pandemic levels. Content Type(s): Publications, Canadian Survey of Consumer Expectations