Bank of Canada holds interest rates: Read the official statement
The Bank of Canada held its target overnight rate at 2.25% and expects the global economy to grow by about 3% in 2026, 2027, and 2028. Canada's GDP growth is forecast to be 1.2% in 2026, rising to 1.6% in 2027 and 1.7% in 2028.
The Bank of Canada held its target overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The decision comes amid heightened volatility due to the evolving conflict in the Middle East and ongoing uncertainty around U.S. trade policy. The Bank's April outlook assumes tariffs remain unchanged and the global benchmark price of oil declines to US$75 per barrel by mid-2027. The global economy is expected to grow by about 3% in 2026, 2027, and 2028. Canada's GDP growth is forecast to be 1.2% in 2026, rising to 1.6% in 2027 and 1.7% in 2028. CPI inflation climbed to 2.4% in March due to higher gasoline prices.
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