BoC: Overview of Governing Council discussions: Scheduled announcement date set for January 28, 2026

Overview of Governing Council Deliberations

This overview summarizes the conversations and considerations among Governing Council members during the third phase of the Bank’s monetary policy decision process. At this point, all members had already reviewed comprehensive staff reports and recommendations.

The policy meetings, led by the Governor, commenced on January 20, 2026. Attendees included Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers, as well as Deputy Governors Toni Gravelle, Sharon Kozicki, Nicolas Vincent, Rhys Mendes, and Michelle Alexopoulos. The Council initiated their discussions by addressing key topics relevant to the policy decision.