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Monetary policy is working to reduce price pressures in the Canadian economy. Core inflation is expected to ease gradually, while the path of CPI inflation will be bumpy. Inflation returns sustainably to the 2% target in the second half of 2025.
The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization.
Release of the Monetary Policy Report – Press conference by Governor Tiff Macklem and Carolyn Rogers, Senior Deputy Governor (10:30 (ET) approx.).
Governor Tiff Macklem discusses the Monetary Policy Report and the key issues involved in the Governing Council’s deliberations about the policy rate decision.
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