BOC minus FED (CAD/USD)
• Coverage: 1960–2026
Bank of Canada vs. Federal Reserve Interest Rate Spread (1960–2026)
Historical policy rate spread between the Bank of Canada (BOC Policy Rate) and the Federal Reserve (FED Policy Rate). As of Sep 2026, BOC stands at 2.25% vs. FED at 3.88%, resulting in a bilateral policy rate differential of -163 bps (-1.63 percentage points).
Current Spread (Sep 2026)
-163 bps
BOC: 2.25% · FED: 3.88%
Mean Spread (1960–2026)
+70 bps
67 overlapping years
Widest Positive Spread (1974)
+488 bps
Maximum BOC premium over FED Lowest / Negative Spread (1980)
-474 bps
Minimum BOC minus FED differential
BOC (Blue) vs. FED (Amber) Policy Rates (1960–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (BOC minus FED, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Bank of Canada · Amber: Federal Reserve
Annual BOC vs. FED Policy Rate Differential Ledger (1960–2026)
| Year | BOC Policy Rate | FED Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 2.25% | 3.88% | -1.63 pp | -163 bps |
| 2025 | 2.25% | 3.62% | -1.37 pp | -137 bps |
| 2024 | 3.25% | 4.38% | -1.13 pp | -113 bps |
| 2023 | 5.00% | 5.38% | -0.38 pp | -38 bps |
| 2022 | 4.25% | 4.38% | -0.13 pp | -13 bps |
| 2021 | 0.25% | 0.12% | +0.13 pp | +13 bps |
| 2020 | 0.25% | 0.12% | +0.13 pp | +13 bps |
| 2019 | 1.75% | 1.62% | +0.13 pp | +13 bps |
| 2018 | 1.75% | 2.38% | -0.63 pp | -63 bps |
| 2017 | 1.00% | 1.38% | -0.38 pp | -38 bps |
| 2016 | 0.50% | 0.62% | -0.12 pp | -12 bps |
| 2015 | 0.50% | 0.38% | +0.12 pp | +12 bps |
| 2014 | 1.00% | 0.12% | +0.88 pp | +88 bps |
| 2013 | 1.00% | 0.12% | +0.88 pp | +88 bps |
| 2012 | 1.00% | 0.12% | +0.88 pp | +88 bps |
| 2011 | 1.00% | 0.12% | +0.88 pp | +88 bps |
| 2010 | 1.00% | 0.12% | +0.88 pp | +88 bps |
| 2009 | 0.25% | 0.12% | +0.13 pp | +13 bps |
| 2008 | 1.50% | 0.12% | +1.38 pp | +138 bps |
| 2007 | 4.25% | 4.25% | 0.00 pp | 0 bps |
| 2006 | 4.25% | 5.25% | -1.00 pp | -100 bps |
| 2005 | 3.25% | 4.25% | -1.00 pp | -100 bps |
| 2004 | 2.50% | 2.25% | +0.25 pp | +25 bps |
| 2003 | 2.75% | 1.00% | +1.75 pp | +175 bps |
| 2002 | 2.75% | 1.25% | +1.50 pp | +150 bps |
| 2001 | 2.25% | 1.75% | +0.50 pp | +50 bps |
| 2000 | 5.75% | 6.50% | -0.75 pp | -75 bps |
| 1999 | 4.75% | 5.50% | -0.75 pp | -75 bps |
| 1998 | 5.00% | 4.75% | +0.25 pp | +25 bps |
| 1997 | 4.25% | 5.50% | -1.25 pp | -125 bps |
| 1996 | 3.00% | 5.25% | -2.25 pp | -225 bps |
| 1995 | 5.78% | 5.50% | +0.28 pp | +28 bps |
| 1994 | 5.69% | 5.50% | +0.19 pp | +19 bps |
| 1993 | 4.11% | 3.00% | +1.11 pp | +111 bps |
| 1992 | 7.36% | 3.00% | +4.36 pp | +436 bps |
| 1991 | 7.67% | 4.00% | +3.67 pp | +367 bps |
| 1990 | 11.72% | 7.00% | +4.72 pp | +472 bps |
| 1989 | 12.47% | 8.25% | +4.22 pp | +422 bps |
| 1988 | 11.19% | 8.69% | +2.50 pp | +250 bps |
| 1987 | 8.66% | 6.81% | +1.85 pp | +185 bps |
| 1986 | 8.49% | 5.88% | +2.61 pp | +261 bps |
| 1985 | 9.49% | 7.75% | +1.74 pp | +174 bps |
| 1984 | 10.09% | 8.74% | +1.35 pp | +135 bps |
| 1983 | 9.96% | 9.92% | +0.04 pp | +4 bps |
| 1982 | 10.05% | 11.20% | -1.15 pp | -115 bps |
| 1981 | 14.66% | 13.13% | +1.53 pp | +153 bps |
| 1980 | 17.26% | 22.00% | -4.74 pp | -474 bps |
| 1979 | 14.00% | 14.77% | -0.77 pp | -77 bps |
| 1978 | 10.75% | 10.84% | -0.09 pp | -9 bps |
| 1977 | 7.50% | 6.53% | +0.97 pp | +97 bps |
| 1976 | 8.50% | 4.17% | +4.33 pp | +433 bps |
| 1975 | 9.00% | 5.37% | +3.63 pp | +363 bps |
| 1974 | 8.75% | 3.87% | +4.88 pp | +488 bps |
| 1973 | 7.25% | 9.83% | -2.58 pp | -258 bps |
| 1972 | 4.75% | 5.50% | -0.75 pp | -75 bps |
| 1971 | 4.75% | 3.00% | +1.75 pp | +175 bps |
| 1970 | 6.00% | 3.00% | +3.00 pp | +300 bps |
| 1969 | 8.00% | 5.00% | +3.00 pp | +300 bps |
| 1968 | 6.50% | 4.00% | +2.50 pp | +250 bps |
| 1967 | 6.00% | 4.50% | +1.50 pp | +150 bps |
| 1966 | 5.25% | 5.00% | +0.25 pp | +25 bps |
| 1965 | 4.75% | 4.63% | +0.12 pp | +12 bps |
| 1964 | 4.25% | 4.00% | +0.25 pp | +25 bps |
| 1963 | 4.00% | 3.25% | +0.75 pp | +75 bps |
| 1962 | 4.00% | 3.00% | +1.00 pp | +100 bps |
| 1961 | 3.24% | 2.50% | +0.74 pp | +74 bps |
| 1960 | 3.50% | 3.00% | +0.50 pp | +50 bps |