Bank of Canada to make interest rate announcement and update economic forecasts

By Canadian Press on January 28, 2026.

OTTAWA — The Bank of Canada is expected to make an interest rate announcement and release updated economic forecasts in its monetary policy report today.

The central bank’s policy interest rate is set at 2.25 per cent.

Economists widely expect the Bank of Canada to leave the benchmark rate unchanged.

The rate announcement comes as the Canadian economy faces an uncertain future with the scheduled review of the Canada-U.S.-Mexico trade agreement coming up later this year.

Bank of Canada governor Tiff Macklem said in December that the central bank believes inflation is likely to hold at around its target of two per cent this year, but if the outlook changes, it’s “prepared to respond.”

In its business outlook survey released last week, the bank said business sentiment at the end of last year was subdued, but off its lows seen in the second quarter of 2025.

This report by The Canadian Press was first published Jan. 28, 2026.

The Canadian Press