The Bank of Canada raised its interest rate to 2.5 per cent.
Posted by Your World Tonight, Checked
- Sources
- 4 support1 context
- Said
- 1 time·
- Confidence
- 95%
Your World TonightOct 28, 2026
The U.S. owner of the Hamilton steel plant says he hopes to recall laid off workers before Christmas — if a plan to increase Canadian sales succeeds. Also: The Bank of Canada is raising its interest rate for the first time in years, to 2.5 per cent, to combat the threat of inflation. And: The European Union is planning tariffs on Canadian steel even as Ottawa and Brussels pursue closer economic ties. Plus: Illegal cannabis from Canada floods Europe, doubts about election integrity are being fanned by Trump supporters ahead of the U.S. …
Multiple independent tier-1 and other sources, including the Bank of Canada's own press release, confirm that on 2026-10-28 the Bank raised its policy rate by 25 basis points to 2.5 per cent.
This claim is about the present, so it is judged as of the day it was checked.
What we found
Supports. The Bank of Canada's official press release states it increased its target for the overnight rate by 25 basis points to 2.5% on October 28, 2026.[2]
Supports. Governor Tiff Macklem's Reuters-published statement says 'Today, we raised the policy interest rate by 25 basis points, bringing it to 2.5%,' the first increase since July 2023.[1]
Supports. CBC and Bloomberg coverage confirm the hike to 2.5 per cent was the bank's first rate change in a year and first increase since 2023, citing inflation at 3.1 per cent.[3][4]
Context. Coverage notes the hike was motivated by energy-driven inflation risks, consistent with the post's 'to combat the threat of inflation' framing.[4][5]
Sources
5 sources: 1 fact-checker, 4 not rated
- 1FULL TEXT-Bank of Canada head sees less room for monetary accommodationreuters.com · fact-checker · cited for: supports
- 2Key Interest Ratebankofcanada.ca · not rated · cited for: supports
- 3Growth outlook has improved a bit - Bank of Canada governor says rate hike to 2.5% was needed in face of persistent inflationcbc.ca · not rated · cited for: supports
- 4Bank of Canada raises interest rate as inflation projected to ...bnnbloomberg.ca · not rated · cited for: supports, context
- 5Bank of Canada raises interest rate to 2.5% in first hike ...ca.finance.yahoo.com · not rated · cited for: context
Where this claim was made
Said in 1 published post
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