Bank of Canada Maintains Key Rate at 2.25%, Says Future Changes Depend on US Tariffs and Energy Prices

Bank of Canada Governor Tiff Macklem is seen during a news conference in Ottawa, on March 18, 2026. The Canadian Press/Adrian Wyld

OTTAWA—The Bank of Canada has kept its key interest rate at 2.25 percent for a fourth straight meeting, while saying rates could either fall due to U.S. tariffs or rise due to higher energy prices.

Speaking to reporters on April 29, Bank of Canada Governor Tiff Macklem said his baseline forecast is that oil prices will trend downwards after spiking due to the war in the Middle East, and the United States will not levy any more tariffs on Canada.