The Canadian Index

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Step chart showing the Bank of Canada's overnight rate holding at 2.25 percent for a fifth consecutive decision.

The Bank of Canada has held its policy rate steady through five consecutive decisions, its longest pause since the current cutting cycle began, with the next announcement set for July 15. Statistics Canada's June jobs report, released the same morning this blackout period begins, is the final data point the Bank will see before deciding. Government of Canada bond yields have eased but remain well above pre-war levels, keeping fixed mortgage renewal costs elevated for households rolling over in the months ahead.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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Line chart of the TSX Composite over the week the Fed hiked rates and the Bank of Canada held.

Two G7 central banks moved in opposite directions the week of September 15: the Federal Reserve raised its policy rate a quarter point to…

The Week the Bank of Canada's Own Rate Stopped Setting Canadian Borrowing Costs

September 19, 2026

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Line chart comparing Canada's headline and ex-gasoline CPI year-over-year from January through July 2026.

Canada's headline CPI rose 3.0% in July, edging above forecasts, almost entirely on a jump in gasoline prices tied to Middle East supply concerns.

Canada CPI Points to a BoC Hold as Bond Yields Climb

August 18, 2026

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Bar chart showing nine of twelve Federal Reserve officials favouring interest rate hikes in June 2026.

Minutes from the June 16 to 17 Federal Reserve meeting, the first chaired by Kevin Warsh, showed nine of twelve officials favouring higher…

The Fed's Internal Vote Just Turned Hawkish. The Bank of Canada Has Not Moved. Wednesday Puts Both on Display.

July 13, 2026

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Line chart showing the Government of Canada five-year bond yield climbing through August and September.

Canadian headline inflation held at 3.0 percent year over year in August, matching July, but the underlying number worsened: inflation…

The Bond Market Already Moved Before the Bank of Canada Has To

September 21, 2026

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Line chart showing the gap between Bank of Canada and Federal Reserve policy rates narrowing from 250 to 150 basis points.

The gap between the Bank of Canada's and the US Federal Reserve's policy rates has narrowed sharply since January 2025, as the two central…

The BoC and the Fed Have Stopped Moving Together, and Oil Is the Reason Why

September 11, 2026

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Line chart comparing the Bank of Canada overnight rate against the rising Government of Canada 10-year bond yield.

The Bank of Canada's overnight rate has held at 2.25 percent through six consecutive meetings since April, but the Government of Canada…

Government of Canada 10-Year Yield Climbs 34bps While BoC Rate Stays Put

August 21, 2026

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