Interest rates

• September 19, 2023

  Household differences and monetary policy

  Speech summary Sharon Kozicki University of Regina Regina, Saskatchewan

  Deputy Governor Sharon Kozicki talks about how differences in debt, income and savings across households shaped their experience through the COVID-19 pandemic and how this is affecting monetary policy now.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Housing, Inflation and prices, Interest rates, Monetary policy transmission, Price stability
• September 19, 2023

  Rebalancing the economy while managing risks

  Remarks Sharon Kozicki University of Regina Regina, Saskatchewan

  Bank of Canada Deputy Governor Sharon Kozicki talks about how household differences have affected the way that monetary policy is transmitted. She also discusses how the Bank is considering the role of mortgage interest costs in inflation.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Housing, Inflation and prices, Interest rates, Monetary policy transmission, Price stability

• Estimating the Slope of the Demand Function at Auctions for Government of Canada Bonds

  Staff Discussion Paper 2023-12 Bo Young Chang

  We use bid data from Government of Canada bond auctions between 1999 and 2021 to gauge the yield sensitivity of these bonds to the issuance amount. Our new metric estimates the demand function of the bidders at each auction and offers insights into the relationship between supply and yield of government bonds.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Debt management, Interest rates JEL Code(s): D, D4, D44, G, G1, G12
• June 8, 2023

  Economic progress report: Are we entering a new era of higher interest rates?

  Remarks Paul Beaudry Greater Victoria Chamber of Commerce Victoria, British Columbia

  Deputy Governor Paul Beaudry discusses the latest interest rate decision and suggests reasons why longer-term interest rates could remain higher than they were before the pandemic.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Housing, Inflation and prices, Inflation targets, Interest rates, Labour markets, Monetary policy, Monetary policy transmission, Price stability, Recent economic and financial developments, Service sector
• June 8, 2023

  Adjusting to higher interest rates

  Speech summary Paul Beaudry Greater Victoria Chamber of Commerce Victoria, British Columbia

  Speaking a day after we raised interest rates, Deputy Governor Paul Beaudry talks about what Governing Council considered in its decision. He also suggests reasons why long-term interest rates could remain higher than they were before the COVID-19 pandemic.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Housing, Inflation and prices, Inflation targets, Interest rates, Labour markets, Monetary policy, Monetary policy transmission, Price stability, Recent economic and financial developments, Service sector
• May 18, 2023

  Release of the Financial System Review

  Opening statement Tiff Macklem, Carolyn Rogers Ottawa, Ontario

  Press conference following the release of the Financial System Review.

  Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Financial institutions, Financial markets, Financial stability, Financial system regulation and policies, Interest rates, International financial markets, Recent economic and financial developments, Wholesale funding

• Potential output and the neutral rate in Canada: 2023 assessment

  Staff Analytical Note 2023-6 Julien Champagne, Christopher Hajzler, Dmitry Matveev, Harlee Melinchuk, Antoine Poulin-Moore, Galip Kemal Ozhan, Youngmin Park, Temel Taskin

  We expect that potential output growth will rebound from 1.4% in 2022 to 2.2% on average between 2023 and 2026. We revised down our estimates of growth over 2022–25 relative to the April 2022 assessment. The Canadian nominal neutral rate remains unchanged—in the range of 2% to 3%.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Economic models, Interest rates, Labour markets, Monetary policy, Potential output, Productivity JEL Code(s): E, E2, E3, E4, E5

• Assessing global potential output growth and the US neutral rate: April 2023

  Staff Analytical Note 2023-5 Salma Ahmed, Aviel Avshalumov, Tania Chaar, Eshini Ekanayake, Helen Lao, Louis Poirier, Jenna Rolland-Mills, Argyn Toktamyssov, Lin Xiang

  We expect global potential output growth to increase from 2.5% in 2022 to 2.8% by 2026. Compared with the April 2022 staff assessment, global potential output growth is marginally slower. The current range for the US neutral rate is 2% to 3%, unchanged from the last annual assessment.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Interest rates, Monetary policy, Potential output, Productivity JEL Code(s): E, E1, E2, E4, E5, F, F0, O, O4
• March 9, 2023

  Economic progress report: Thinking globally, acting locally

  Remarks Carolyn Rogers Manitoba Chambers of Commerce Winnipeg, Manitoba

  Senior Deputy Governor Carolyn Rogers discusses the Bank’s latest interest rate decision and recent global and domestic developments, including how Canada’s economic and inflation experience compares with other countries.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Domestic demand and components, Firm dynamics, Inflation and prices, Inflation targets, Interest rates, International topics, Labour markets, Monetary policy, Price stability, Recent economic and financial developments
• March 9, 2023

  Understanding the reasons for high inflation

  Speech summary Carolyn Rogers Manitoba Chambers of Commerce Winnipeg, Manitoba

  Speaking a day after we decided to hold the policy rate, Senior Deputy Governor Carolyn Rogers talks about the factors behind high inflation and how we know inflation is falling.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Domestic demand and components, Firm dynamics, Inflation and prices, Inflation targets, Interest rates, International topics, Labour markets, Monetary policy, Price stability, Recent economic and financial developments