Press Conference: Monetary Policy Report – October 2021

The Canadian economy is once again growing robustly, and the recovery from COVID-19 continues. The Bank is forecasting growth of around 5 percent in 2021, 4 ¼ percent in 2022 and 3 ¾ percent in 2023.

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.

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