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CIBC Economics

The Bank of Canada recently opted to leave its policy interest rate on hold.
And the most likely outcome does seem to be that those short-term interest rates will remain on hold right through 2026.
But there were two pieces of good news for those who might have been disappointed with the lack of a further interest rate cut.
One is that the Bank of Canada does expect the economy to improve, and that&#8217;s why they&#8217;ve stopped this policy of reducing rates.
And secondly, the bank showed that is less concerned about inflation heating up than it was in the past, which does give it some elbow room to provide some further interest rate relief should the economy falter.
There are still some risks in the form of trade negotiations coming up with the U.S. that could slow Canada&#8217;s economic progress.
And we do have the Bank of Canada on our side ready to cut interest rates should the economy disappoint.

The Economic Brief

Drivers of Growth

Economic Growth

Economic Outlook

Economics

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Inflation

Interest Rates

What does the Bank of Canada’s decision to hold interest rates signal about the Canadian economy for 2026?

What does the Bank of Canada’s decision to hold interest rates signal about the Canadian economy for 2026?

CIBC Economics

Avery Shenfeld

Managing Director and Chief Economist

CIBC Capital Markets