Bank of Canada Raises Interest Rate to 2.5% on Oct. 28, 2026; Next Decision Dec. 9 and 2027 Dates

On Wednesday, Oct. 28, 2026, at 9:45 a.m. Eastern Time (ET), the Bank of Canada raised its target for the overnight rate by 25 basis points to 2.5%, according to its press release datelined Ottawa. The Bank Rate is 2.75% and the deposit rate is 2.45%. The next scheduled announcement is Wednesday, Dec. 9, 2026. This story adds a table of every 2026 and 2027 decision, local times for Canadian time zones (our conversion) and a one-page printable.

What did the Bank of Canada decide on Oct. 28, 2026?

The release says the Bank “today increased its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.” The Bank’s key interest rate page says a change takes effect the day after its announcement, so the new rate applies from Thursday, Oct. 29, 2026.

On the reason, the release says Governing Council “decided to increase the policy rate to reduce the risk that continuing high energy prices spread broadly to the prices of other goods and services.” It adds: “There could be a need to increase the policy rate further, but given uncertainties, Governing Council agreed to proceed carefully.”

The October 2026 Monetary Policy Report (MPR) was released with the decision. Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers held a press conference at about 10:30 a.m. ET, according to the Bank.

What did the Bank say about inflation and growth?

Measure	What the Bank said on Oct. 28, 2026
Consumer price index (CPI) inflation	Around 3% since April; expected to rise to about 3½% by the end of the year
CPI inflation excluding gasoline	2.2% in September
CPI inflation outlook	Expected to average 3% in 2027, then come down to 2% in the middle of 2028
Gross domestic product (GDP) growth	3.3% in the second quarter
Economic growth outlook	Expected to grow 1% in 2026, and 2% in 2027 and 2028

Source: Bank of Canada, press release of Oct. 28, 2026.

The Bank said growth is expected to slow in the fourth quarter of 2026 owing to new US tariffs.

What has the rate been in 2026?

This is the first change of 2026. The target was 2.25% from Dec. 10, 2025 through the Sept. 2, 2026 decision, according to the Bank’s key interest rate page.

2026 decision	Weekday	Overnight rate target	Monetary Policy Report
Jan. 28	Wednesday	Held at 2.25%	Yes
Mar. 18	Wednesday	Held at 2.25%	No
Apr. 29	Wednesday	Held at 2.25%	Yes
Jun. 10	Wednesday	Held at 2.25%	No
Jul. 15	Wednesday	Held at 2.25%	Yes
Sep. 2	Wednesday	Held at 2.25%	No
Oct. 28	Wednesday	Raised to 2.5%	Yes
Dec. 9	Wednesday	Next scheduled date	Not stated

Source: Bank of Canada, key interest rate page and press release of Oct. 28, 2026. Weekdays are our calculation.

When is the next Bank of Canada rate announcement?

The Bank’s release gives the next scheduled date as Wednesday, Dec. 9, 2026, and the next Monetary Policy Report as Jan. 27, 2027. Its schedule release lists Dec. 9 at 9:45 a.m. ET. The December 2026 printable calendar shows where the day falls.

What is the Bank of Canada 2027 schedule?

On July 27, 2026, the Bank published its 2027 schedule for policy interest rate announcements and other major publications. It lists eight announcements, all on Wednesdays at 9:45 a.m. ET. Four come with a Monetary Policy Report.

2027 date	Weekday	Monetary Policy Report	Saskatchewan time (our conversion)
Jan. 27	Wednesday	Yes	8:45 a.m.
Mar. 3	Wednesday	No	8:45 a.m.
Apr. 28	Wednesday	Yes	7:45 a.m.
Jun. 2	Wednesday	No	7:45 a.m.
Jul. 21	Wednesday	Yes	7:45 a.m.
Sep. 8	Wednesday	No	7:45 a.m.
Oct. 27	Wednesday	Yes	7:45 a.m.
Dec. 8	Wednesday	No	8:45 a.m.

Source: Bank of Canada, 2027 schedule (July 27, 2026). Saskatchewan is on UTC-6 all year, so its local time changes when Eastern Time moves between standard and daylight time.

What time is 9:45 a.m. ET in other Canadian time zones?

These are our conversions of the Bank’s 9:45 a.m. ET.

Time zone	Local time of the announcement
Pacific	6:45 a.m.
Mountain	7:45 a.m.
Central	8:45 a.m.
Eastern	9:45 a.m.
Atlantic	10:45 a.m.
Newfoundland	11:15 a.m.

Because these zones move their clocks along with Eastern Time, the conversions hold all year. Dec. 9, 2026, and the January, March and December 2027 dates fall in standard time, and the April to October 2027 dates fall in daylight time. Saskatchewan is the exception, shown in the 2027 table above.

Where do I keep these dates?

The printable in the downloads lists the Oct. 28 decision, Dec. 9, 2026 and all eight 2027 dates, with the Monetary Policy Report dates marked. The 2027 printable yearly calendar shows the weeks, and the Canada holidays calendar shows the holidays around them. For another central bank, see the Bank of England dates story and the Fed 2027 schedule story. The 2027 federal holidays story has next year’s holiday dates.