Monetary policy is working to reduce inflationary pressures and inflation is coming down, although it will take more time to see if this progress proves durable. The Bank projects that inflation will stay around 3% into the second quarter of 2024, ease below 2.5% in the second half of the year and return to target in 2025.
Erratum: For the years up to 2022-23, the data on Chart 2-A showed the annual changes from April 1 to March 31. See revised Chart.
What you need to know about the Bank of Canada’s assessment of the Canadian economy.
Bank of Canada maintains policy rate, continues quantitative tightening
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%.
Press Conference: Monetary Policy Report – April 2024
Release of the Monetary Policy Report – Press conference by Governor Tiff Macklem and Carolyn Rogers, Senior Deputy Governor (10:30 (ET) approx.).
Monetary Policy Report Press Conference Opening Statement
Governor Tiff Macklem discusses the Monetary Policy Report and the key issues involved in the Governing Council’s deliberations about the policy rate decision.