Bank of Canada Minutes Detail Council's Weighing of Global Growth Risks Against Expected Rebound

What the minutes show

The Bank of Canada released its Summary of Governing Council Deliberations on July 29, 2026, detailing discussions that preceded the July 15 decision to hold the policy rate at 2.25%. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers, and Deputy Governors Toni Gravelle, Nicolas Vincent, Michelle Alexopoulos and Marc-Andre Gosselin.

Officials weighed how global growth had been hit by the Middle East war and the related spike in oil prices, while expecting a recovery in the second half of 2026 as oil prices retreated from their April peak. That tension between near-term damage and an anticipated rebound framed much of the Governing Council's discussion ahead of the rate hold.

A diminished trade-off

With inflation pressures abating and growth picking up, Governing Council agreed that "the trade-off facing monetary policy had diminished," according to the summary. The minutes offer the clearest public account yet of the reasoning behind the July 15 hold, though the Bank's next rate decision and any further guidance will depend on data still to come.

This is general news and information, not individualized financial advice.

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