June 30, 2023
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June 30, 2023
Inflation expectations for one to two years ahead have come down again but remain well above their levels from before the COVID-19 pandemic. The higher cost of living is the most pressing concern for consumers, and along with elevated interest rates, continues to constrain most households’ spending. Homeowners who are planning to renew their mortgage over the next two years and who expect significantly higher payments are likely to plan spending cuts. Some households though are starting to think the worst is behind them. Consumer confidence about the future of the economy has improved alongside their lower inflation expectations. Expected lower interest rates and strong immigration, which boosts housing demand, are behind consumers’ view that housing market will increase over the next year. Workers remain confident about jobs.
Canadian Survey of Consumer Expectations—Second Quarter of 2023
Content Type(s):
Publications,
Canadian Survey of Consumer Expectations
June 21, 2023
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on June 7, 2023.
Summary of Governing Council deliberations: Fixed announcement date of June 7, 2023
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Publications,
Summary of deliberations
June 8, 2023
Adjusting to higher interest rates
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.
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Press,
Speeches and appearances,
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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 7, 2023
Bank of Canada raises policy rate 25 basis points, continues quantitative tightening
The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%.
Content Type(s):
Press,
Press releases