Bank of Canada Raises Key Rate to 2.5%
The Bank of Canada raised its overnight rate target by a quarter point to 2.5% on Wednesday, its first hike since 2023, after seven straight holds at 2.25%. The bank said the move aims to stop persistently high energy prices from spreading to other goods and services. Inflation was 3.1% in September. Governor Tiff Macklem said further increases could be needed but the bank will proceed carefully. Next decision: Dec. 9.
What’s confirmed
- The Bank of Canada raised its overnight rate target by a quarter point to 2.5% on Wednesday, its first hike since 2023, after seven straight holds at 2.25%.
- The bank said the move aims to stop persistently high energy prices from spreading to other goods and services.
- Inflation was 3.1% in September.
- Governor Tiff Macklem said further increases could be needed but the bank will proceed carefully.
- Next decision: Dec. 9.
Confirmed by 3 independent outlets: CBC News, The Globe and Mail and Reuters.
What would move the score
- Now: 98% with 3 independent confirmations plus the primary source.
- Up: more independent outlets or primary records confirming the core claim.
- Down: a counted source correcting or walking back its report, or new evidence that weakens the claim.
Any change is logged below with the time and the old and new score. Corrections policy
Confirmation record
Plus the primary source: the Bank of Canada’s Oct. 28 press release.| ✓ | CBC News Counted https://www.cbc.ca/news/business/livestory/bank-of-canada-interest-rate-announcement-oct-28-9.7398140 |
| ✓ | The Globe and Mail Counted https://www.theglobeandmail.com/business/article-bank-of-canada-raises-interest-rate-october-2026/ |
| ✓ | Reuters Counted https://www.streetinsider.com/Reuters/Bank+of+Canada+raises+key+interest+rate%2C+says+another+hike+possible/27246392.html |
| · | Primary source Plus the primary source: the Bank of Canada’s Oct. 28 press release. https://www.bankofcanada.ca/2026/10/fad-press-release-2026-10-28/ |
Updated / Corrected log
- Published at 98% with 3 independent confirmations.
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