The facts

  1. The Bank Rate is now 2.75%, and the deposit rate is 2.45%. Reuters reported that this is the first policy-rate increase since July 2023. [1][2]

  2. The bank said further increases could be needed, while emphasizing uncertainty and a cautious approach. It did not commit to another increase. [1]

  3. Its statement projects Canadian economic growth of 1% in 2026 and 2% in each of 2027 and 2028. These are forecasts, not completed annual outcomes. [1]

  4. The statement expects inflation to remain around 3% in 2027 and reach 2% in mid-2028. The next scheduled rate decision is 9 December. [1]

Sources

References support the numbered facts above. Source checks: 29 Oct 2026, 00:31 UTC.

  1. 28 October policy-rate decision

    Bank of Canada · Primary source · 28 Oct 2026

  2. Bank of Canada raises key interest rate, says another hike possible

    Reuters · Reporting · 28 Oct 2026

    Original Reuters report carried by Investing.com. Forward-looking policy language does not guarantee another increase.

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