October 28, 2026 Bank of Canada raises the policy rate by 25 basis points to 2½% Media Relations Ottawa, Ontario 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%. Content Type(s): Press, Press releases
October 28, 2026 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. Content Type(s): Publications, Monetary Policy Report
October 28, 2026 Monetary Policy Report—October 2026—Canadian economy—Tariff and other assumptions Oil prices and refinery margins remain elevated and are assumed to decline gradually. Trade between Canada and the United States remains mostly tariff-free. But the breakdown in negotiations has led to new tariffs and increased uncertainty.
October 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
October 28, 2026 Monetary Policy Report—October 2026—Canadian economy—Outlook Inflation remains above 3% through much of 2027. It then eases gradually because energy and import cost pressures take time to pass through. Growth is projected to strengthen to 2% in 2027 and 2028.
October 28, 2026 Monetary Policy Report—October 2026—Global economy Reduced oil supply from the Middle East and strains on refining capacity are pushing up inflation globally. Higher energy prices are weighing on economic activity. Global growth remains resilient, boosted by strong AI‑related investment.
October 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
October 28, 2026 Monetary Policy Report—October 2026—Projections The outlook for the Canadian economy has improved somewhat, reflecting data showing stronger-than-expected activity, new incentives for business investment and an upward revision to population. Inflation is revised up because of higher and more persistent energy prices as well as higher non-energy import prices.
October 28, 2026 Monetary Policy Report—October 2026—In focus—Refinery margins and the persistence of energy inflation Elevated refinery margins have pushed up fuel prices further than the rise in crude oil prices alone would suggest, adding to cost and price pressures. Margins are expected to decline gradually.
October 28, 2026 Monetary Policy Report—October 2026—Overview Inflation in Canada is projected to remain above 3% through much of 2027, materially higher than previously forecast. The Canadian economy entered the second half of 2026 on firmer footing, and the outlook for economic activity has been revised up. Uncertainty remains elevated.