The Bank of Canada has raised its benchmark interest rate by a quarter point to 2.5 per cent.
Posted by Your World Tonight, Checked
- Sources
- 4 support
- Said
- 1 time·
- Confidence
- 95%
Your World TonightOct 28, 2026
On 2026-10-28 the Bank of Canada raised its benchmark policy rate by 25 basis points to 2.5 per cent, per Reuters and multiple other outlets, the first hike since July 2023. The claim's wording ('benchmark interest rate') matches the passage and the sources' 'key policy rate' terminology, and no source contradicts it.
This claim is about the present, so it is judged as of the day it was checked.
What was said
… Tom Perry, CBC News, Ottawa. Borrowing is about to get more expensive for Canadian households and businesses. The Bank of Canada has raised its benchmark interest rate for the first time in more than three years. The key lending rate is up a quarter point as surging energy prices are driving inflation. Philippe de Montigny has the details. It was very unpredictable, and to get ahead of interest rate hikes, Barbara Best decided to lock in a fixed rate months before her mortgage was due for renewal, even though …
Your World Tonight · · from the transcriptPost →What we found
Supports. Reuters reports the Bank of Canada lifted its key policy rate by 25 basis points to 2.5% on October 28, 2026, its first hike in more than three years.[1]
Supports. CBC and BNN Bloomberg both report the benchmark rate rose a quarter point to 2.5 per cent, the first hike since July 2023.[2][3]
Supports. Yahoo Finance coverage likewise reports a 25 basis point increase to 2.5 per cent on Wednesday, October 28, 2026.[4]
Context. Sources note the rate remains below the neutral rate and that further hikes may be needed, but this does not affect the claim about the October 28 move.[1][4]
Sources
4 sources: 1 fact-checker, 3 not rated
- 1Bank of Canada raises key interest rate, says another hike possiblereuters.com · fact-checker · cited for: supports, context
- 2Bank of Canada governor says rate hike to 2.5% was ...cbc.ca · not rated · cited for: supports
- 3Bank of Canada raises interest rate as inflation projected to ...bnnbloomberg.ca · not rated · cited for: supports
- 4Bank of Canada raises interest rate to 2.5% in first hike ...ca.finance.yahoo.com · not rated · cited for: supports, context
Where this claim was made
Said in 1 published post
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