Banks › Bank of Canada › History › 28 Jan 2026
Bank of Canada: decision of 28 January 2026
The Bank of Canada held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.
Decision
hold
- Rate
- 2.25%=2.25%
- Change
- 0 bp
- Announced
- 09:45 Toronto time
Sources
- Statement
- bankofcanada.ca/2026/01/fad-press-release-202…
- Summary of deliberations
- bankofcanada.ca/2026/02/summary-governing-cou…
- Press conference
- bankofcanada.ca/multimedia/press-conference-m…
- Monetary Policy Report
- bankofcanada.ca/publications/mpr/mpr-2026-01-…
- Recorded
- 28 Jan 2026
- Data
- JSON
What the bank said
The Bank said the outlook was little changed from its October projection, with growth projected at 1.1% in 2026 and 1.5% in 2027, but vulnerable to unpredictable US trade policies and geopolitical risks.
It said CPI inflation rose to 2.4% in December because of base-year effects from the GST/HST holiday, while its preferred core inflation measures eased from 3% in October to around 2½%.
Governing Council judged the current policy rate remained appropriate, conditional on the economy evolving broadly in line with the outlook published that day.
Guidance. The Bank said uncertainty was heightened and that it was prepared to respond if the outlook changed.
“If the outlook changes, we are prepared to respond.”
Before and after
- Previous decision: 10 Dec 2025, held the target for the overnight rate at 2.25%.
- Next decision: 18 Mar 2026, held the target for the overnight rate at 2.25%.
- All Bank of Canada decisions and the rate history