News

Speaking a day after we decided to maintain the policy interest rate at 5%, Governor Tiff Macklem explores some key factors behind the decision. He also explains why the 2% inflation target supports a stable economy and greater prosperity for households and businesses.

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

The Bank of Canada is inviting Canadian universities to nominate exceptional academics for its 2024 Fellowship and Governor’s awards.

The Bank of Canada today published its 2024 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on July 12, 2023.