Bank of Canada’s Governing Council agreed it was hard to forecast whether it would raise or cut rates on December

Governors held rates at 2.25% to keep inflation close to the bank’s 2% target if the economy remained stable.

The bank is ready to move again to lower prices or boost the economy.

“Given the high level of uncertainty, members agreed that while the current policy rate was at about the right level in the current situation, it was difficult to predict when and in which direction the next change in the policy rate would be.”
Money markets expect a 25 basis point raise in October 2026 from the Bank.

Canada’s economy grew faster than predicted in the third quarter as crude oil exports and government expenditure increased while imports fell.