On September 2, 2026 the Bank of Canada left its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.
The Bank said Canada's economy strengthened in the second quarter and the recovery is broadening, but that uncertainty is high. It pointed to high energy prices linked to the Middle East conflict and to new US tariffs and Canadian counter-measures, which will raise costs for some businesses. CPI inflation has been around 3%, mostly because of gasoline, while core measures stayed close to 2%. The Bank said upside risks to inflation have increased and that it is prepared to adjust policy as needed.
The next scheduled rate announcement is October 28, 2026.
Source: Bank of Canada, press release, September 2, 2026. Summary written by us; the official source governs. General information, not financial, legal or tax advice.