10/28/2026
Today’s rate increase is the first one in 3 years as the Bank of Canada cites higher global energy prices due to the conflict in the Middle East. These energy prices could affect other parts of the economy.
According to Tiff Macklem, Governor of The Bank of Canada, ‘With the outlook for inflation substantially higher and the economy showing resilience, an increase in the policy rate is needed to reduce the risk that elevated energy prices could spill over and become generalized inflation.’
Questions? 📲 Mary Ashkar 416-884-4156