Posts

• April 16, 2024

  Fireside Chat with Tiff Macklem, Governor of the Bank of Canada

  On Tuesday, April 16, 2024, Tiff Macklem, Governor of the Bank of Canada, will speak at the Wilson Center’s Washington Forum on the Canadian Economy on the sidelines of the IMF-WB spring meetings.

  Content Type(s): Press, Media advisories
• April 15, 2024

  CARR to begin publishing data on the transition of CDOR based loans to CORRA

  To facilitate the monitoring of the transition away from CDOR based loans to CORRA and Term CORRA, CARR will publish a monthly report on the aggregated outstanding amount of CDOR loans that have not transitioned to other benchmarks, as well as the volume of new loans, including any transitioned loans, referencing CORRA and/or Term CORRA.

  Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group

• Unintended Consequences of the Home Affordable Refinance Program

  Staff Working Paper 2024-11 Phoebe Tian, Chen Zheng

  We investigate the unintended consequences of the Home Affordable Refinance Program (HARP). Originally designed to help borrowers refinance after the 2008–09 global financial crisis, HARP inadvertently strengthened the market power of incumbent lenders by creating a cost advantage for them. Despite a 2013 policy rectifying this cost advantage, we still find significant welfare losses for borrowers.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions JEL Code(s): G, G2, G21, G5, G51, L, L5, L51
• April 10, 2024

  Bank of Canada Media Interview – The Globe and Mail

  Tiff Macklem, Governor of the Bank of Canada, gave an interview to Mark Rendell of The Globe and Mail.

  Content Type(s): Press, Media advisories
• April 10, 2024

  Bank of Canada Media Interview – Midi info

  Nicolas Vincent, Deputy Governor of the Bank of Canada, gave an interview to Radio-Canada’s Alec Castonguay. The interview will air today on Midi info.

  Content Type(s): Press, Media advisories
• April 10, 2024

  Bank of Canada maintains policy rate, continues quantitative tightening

  Media Relations Ottawa, Ontario

  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%.

  Content Type(s): Press, Press releases
• April 10, 2024

  Monetary Policy Report – April 2024

  

  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.

  Content Type(s): Publications, Monetary Policy Report
• April 10, 2024

  Bank of Canada interest rate announcement and release of the Monetary Policy Report

  On Wednesday, April 10, 2024, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision. The Bank will also publish its quarterly Monetary Policy Report (MPR) at the same time as the rate decision.

  Content Type(s): Press, Media advisories
• April 10, 2024

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Tiff Macklem

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

  Content Type(s): Press, Speeches and appearances, Opening statements

• Pricing behaviour and inflation during the COVID-19 pandemic: Insights from consumer prices microdata

  Staff Analytical Note 2024-6 Olga Bilyk, Mikael Khan, Olena Kostyshyna

  Using the microdata underlying the Canadian consumer price index, we study how often and by how much firms changed their prices during the COVID-19 pandemic. We find that the surge in inflation was mainly associated with retailers raising prices much more often than before. We also find that more recently, corporate price-setting behaviour appears to be approaching pre-pandemic norms.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Firm dynamics, Inflation and prices, Recent economic and financial developments JEL Code(s): D, D2, D22, E, E3, E31, L, L1, L11