The first Bank of Canada decision in 2026 saw our central bank hold their key rate at 2.25% in January. In today's rate decision, the Bank of Canada once again held their key rate and it remains at 2.25%. This is now the third consecutive rate hold decision with the last change dating back to October 2025 when we saw a 25 basis point drop.
Bank of Canada Governor Tiff Macklem opened his press conference with this, "The Canadian economy continues to face heightened uncertainty related to US trade policy and geopolitical risks. Now the war in Iran has added a new layer of uncertainty. Its impact on the global and Canadian economies will depend on how long the conflict lasts and the extent to which it spreads across the Middle East." (Bank of Canada, 2026)
Macklem expanded on these two factors. "Inflation in Canada has been close to the 2% target for more than a year. But, as we’ve seen, the war in Iran is causing oil prices to move sharply higher and this will push up inflation in the short term. Canada’s economy is dealing with a lot, and now we face more volatility. The Bank of Canada’s role is to be a source of stability. We’re supporting economic activity while ensuring that a jump in energy prices doesn’t turn into persistent inflation." (Bank of Canada, 2026)
The Bank of Canada's next rate announcement is scheduled for Wednesday April 29, 2026 with the schedule for the remaining decisions for 2026 below.
Graph Courtesy: Bank of Canada; https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/
Quotes Courtesy: Bank of Canada; https://www.bankofcanada.ca/2026/03/opening-statement-2026-03-18/
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