The Bank of Canada raised its benchmark policy rate by 25bps to 2.5% in October 2026, the first increase in three years and in line with market expectations. Policymakers said the decision aims to reduce the risk that continuing high energy prices spread broadly to the prices of other goods and services while noting that here could be a need to increase the policy rate further, although cautious is needed. The central bank also noted that inflation is higher and more persistent than in the July Report. Growth has picked up this year and is expected to recover further. Policymakers remain committed to maintaining Canadians’ confidence in price stability.
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