The Bank of Canada holds steady, on Wednesday, January 28, the main interest rate at 2.25%

The bank states in the Monetary Policy Committee statement that there has been no significant change to the outlooks for the global and Canadian economies compared to the October Monetary Policy Report forecasts. However, these outlooks remain subject to fluctuations in US trade policies and geopolitical risks.

The bank adds: "Economic growth is expected to be modest in the near term, with slowing population growth and Canada's adjustment to US protectionist policies. Projections indicate continued consumer spending and gradual improvement in business investments, supported by fiscal policy."

The bank expects growth of 1.1% in 2026 and 1.5% in 2027, which is largely in line with October forecasts.