Bank of Canada maintains overnight rate target at 2.25%

Ottawa, April 29, 2026

The Bank of Canada today announced that it is holding its policy interest rate steady, maintaining the overnight rate target at 2.25%.

The Bank continues to expect inflation to return to the 2% target around the middle of 2026. Recent data suggest that the economy is returning to a more balanced state, but underlying inflationary pressures remain elevated. The Bank is closely monitoring the impact of the conflict in the Middle East and how the economy is responding to US tariffs and trade policy uncertainty. Governing Council is looking through the war's immediate impact on inflation but will not let higher energy prices become persistent inflation. As the outlook evolves, the Bank stands ready to respond as needed. The Bank is committed to maintaining Canadians' confidence in price stability through this period of global upheaval.

Information note

The next scheduled date for announcing the overnight rate target is June 10, 2026. The Bank's next MPR will be released on July 15, 2026.