News

• November 1, 2022

  Opening Statement before the Standing Senate Committee on Banking, Trade and the Economy

  Opening statement Tiff Macklem Standing Senate Committee on Banking, Trade and the Economy Ottawa, Ontario

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 27, 2022

  Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Canada during April 2022

  Media Relations Ottawa, Ontario

  In April, the Bank of Canada and 51 other central banks and monetary authorities conducted the latest triennial survey of turnover activity in the foreign exchange (FX) and over-the-counter (OTC) derivatives markets in their respective countries.

  Content Type(s): Press, Press releases Source(s): Canadian Foreign Exchange Committee
• October 26, 2022

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Tiff Macklem Ottawa, Ontario

  Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 26, 2022

  Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening

  Media Relations Ottawa, Ontario

  The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%.

  Content Type(s): Press, Press releases
• October 26, 2022

  Monetary Policy Report – October 2022

  

  While inflation has come off its peak, it remains too high. As the economy responds to higher interest rates and as the effects of elevated commodity prices and supply disruptions fade, the Bank expects inflation to fall to about 3% in late 2023, then return to 2% in 2024.

  Content Type(s): Publications, Monetary Policy Report
• October 17, 2022

  Business Outlook Survey—Third Quarter of 2022

  Business confidence has softened, according to results from the third-quarter 2022 Business Outlook Survey and the July through October 2022 Business Leaders’ Pulse surveys. Many firms expect slower sales growth as interest rates rise and demand growth shifts closer to pre-pandemic levels. Early signs suggest that pressures on prices and wages have started to ease, but firms’ inflation expectations remain high.

  Content Type(s): Publications, Business Outlook Survey
• October 17, 2022

  Canadian Survey of Consumer Expectations—Third Quarter of 2022

  This survey took place between August 2 and August 23, 2022. Follow-up interviews took place in September. Expectations for inflation one to two years ahead have continued to rise because consumers anticipate supply chain disruptions and elevated oil prices will persist. In contrast, expectations for inflation five years ahead have eased to near pre-pandemic levels. Still, consumers are more divided this quarter about where inflation will end up in the long term.

  Content Type(s): Publications, Canadian Survey of Consumer Expectations
• October 6, 2022

  Restoring price stability for all Canadians

  Speech summary Tiff Macklem Halifax Chamber of Commerce Halifax, Nova Scotia

  Governor Tiff Macklem explains how inflation in Canada reflects more and more what’s happening with domestic demand and what the Bank is watching as it works to bring inflation back to the 2% target.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Price stability, Recent economic and financial developments, Service sector
• September 28, 2022

  Bank of Canada welcomes IMF report following transparency review

  Media Relations Ottawa, Ontario

  The Bank of Canada today welcomed the publication by the International Monetary Fund (IMF) of its final report summarizing its pilot review of the Bank’s transparency practices.

  Content Type(s): Press, Press releases
• September 20, 2022

  Anatomy of a pandemic: Applying old lessons and learning from new ones

  Speech summary Paul Beaudry University of Waterloo Faculty of Arts Distinguished Lecture in Economics Waterloo, Ontario

  Deputy Governor Paul Beaudry describes how the lessons learned from previous economic crises helped central bankers during the global COVID-19 pandemic. He also talks about how managing inflation expectations can help bring inflation back to target.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Coronavirus disease (COVID-19), Expectations, Inflation and prices, Inflation targets, International topics, Labour markets, Monetary policy implementation, Recent economic and financial developments