The Bank of Canada is releasing its Summary of Governing Council Deliberations today at 13:30 ET, a document that will detail the internal conversations behind the June 10 decision to hold the overnight target rate at 2.25%.

That decision was unanimous. It was also the fifth consecutive meeting where policymakers chose to leave rates unchanged.

What the numbers say

The overnight rate sits at 2.25%. The Bank Rate is at 2.5%, and the deposit rate is at 2.20%.

Inflation is the reason everyone is watching. The BoC’s own data puts inflation at 2.8% in April 2026, pushed up primarily by energy prices. Core inflation, which strips out the more volatile components, came in at 2.1%, sitting just above the 2% target.

The BoC anticipates headline inflation will hover around 3% before drifting back toward that 2% target.

Three forces shaped the June 10 decision, according to the BoC’s own framing. First, weak economic performance domestically. Second, ongoing uncertainty around US trade policy. Third, elevated oil prices connected to tensions in the Middle East.

The council also flagged a specific concern: not allowing recent inflation spikes to become entrenched.

Why the deliberations document matters

The Summary of Governing Council Deliberations is a relatively new tool. The BoC introduced the format in 2023, specifically to give markets and the public a clearer view into how rate decisions actually get made.

The next scheduled rate decision is July 15, 2026, and it will be accompanied by a full Monetary Policy Report.

What this means for markets and crypto

For crypto specifically, the BoC’s deliberations are not a direct market mover. The central bank made no references to digital assets in its recent communications.

The BoC is also running a tokenized bond pilot, launched in March 2026 with several major banks. That initiative sits entirely outside the rate-setting process and was not part of the June deliberations.