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This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on April 12, 2023.

The Annual Report outlines the Bank’s activities and achievements in 2022. It includes the financial statements and a message from Governor Tiff Macklem.

This report lays out elements of the Bank’s strategy related to climate change and details how the issue will be managed holistically across the organization, following the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures.

The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants.

Inflation in Canada remains high but should come down quickly to around 3% in the middle of this year because of lower energy prices, improved supply chains and restrictive monetary policy. The Bank projects that inflation will reach the 2% target by the end of 2024.

Results from the first-quarter 2023 Business Outlook Survey and the Business Leaders’ Pulse surveys from January through March 2023 show a subdued sales outlook and plans for modest growth in capital expenditures. The labour market remains tight, but pressures have eased from high levels.

Results in the first quarter of 2023 show that consumer expectations for inflation one to two years ahead fell but remain elevated, particularly for services. Consumers, especially indebted households and equity-deserving groups, are facing financial pressures and limits on their spending due to high inflation and increasing interest rates. Consumers expect to spend less on discretionary services, such as travelling and eating out. Canadians continue to anticipate a recession in the next 12 months. Many are uncertain about where the economy and job markets are going. Despite this, workers still see the labour market as strong and expect wage growth to increase.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 8, 2023.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on January 25, 2023.

The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants.