October 26, 2022 Monetary Policy Report Press Conference Opening Statement Opening statement Tiff Macklem Ottawa, Ontario Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR. Content Type(s): Press, Speeches and appearances, Opening statements
October 26, 2022 Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening Media Relations Ottawa, Ontario The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. Content Type(s): Press, Press releases
October 26, 2022 Monetary Policy Report – October 2022 While inflation has come off its peak, it remains too high. As the economy responds to higher interest rates and as the effects of elevated commodity prices and supply disruptions fade, the Bank expects inflation to fall to about 3% in late 2023, then return to 2% in 2024. Content Type(s): Publications, Monetary Policy Report
October 17, 2022 Business Outlook Survey—Third Quarter of 2022 Business confidence has softened, according to results from the third-quarter 2022 Business Outlook Survey and the July through October 2022 Business Leaders’ Pulse surveys. Many firms expect slower sales growth as interest rates rise and demand growth shifts closer to pre-pandemic levels. Early signs suggest that pressures on prices and wages have started to ease, but firms’ inflation expectations remain high. Content Type(s): Publications, Business Outlook Survey
October 17, 2022 Canadian Survey of Consumer Expectations—Third Quarter of 2022 This survey took place between August 2 and August 23, 2022. Follow-up interviews took place in September. Expectations for inflation one to two years ahead have continued to rise because consumers anticipate supply chain disruptions and elevated oil prices will persist. In contrast, expectations for inflation five years ahead have eased to near pre-pandemic levels. Still, consumers are more divided this quarter about where inflation will end up in the long term. Content Type(s): Publications, Canadian Survey of Consumer Expectations
Private Digital Cryptoassets as Investment? Bitcoin Ownership and Use in Canada, 2016-2021 Staff Working Paper 2022-44 Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh, Marcel Voia We report on the dynamics of Bitcoin awareness and ownership from 2016 to 2021, using the Bank of Canada's Bitcoin Omnibus Surveys (BTCOS). Our analysis also helps understand Bitcoin owners who adopted during the COVID-19 and how they differ from long-term owners. Content Type(s): Staff research, Staff working papers Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C1, C12, E, E4, O, O5, O51
October 12, 2022 Five things we learned about Canadian Bitcoin owners in 2021 Daniela Balutel, Walter Engert, Christopher Henry, Kim Huynh, Marcel Voia We present key findings from the 2021 Bitcoin Omnibus Survey on Canadians’ awareness and ownership of Bitcoin. Most Canadians have heard of Bitcoin, which remains primarily used as an investment. Ownership jumped in 2021, reflecting increased savings during the pandemic and greater availability of user-friendly platforms to buy Bitcoin. Content Type(s): Publications, Financial System Hub articles JEL Code(s): C, C1, C12, E, E4, O, O5, O51
Grasping De(centralized) Fi(nance) Through the Lens of Economic Theory Staff Working Paper 2022-43 Jonathan Chiu, Charles M. Kahn, Thorsten Koeppl We analyze the value proposition and limitations of decentralized finance (DeFi). Based on a distributed ledger and smart contracts, DeFi can guarantee the execution of financial contracts, potentially lowering the costs of intermediation and improving financial inclusion. Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech, Payment clearing and settlement systems JEL Code(s): G, G2
October 9, 2022 Cost of Living, CBC Radio Tiff Macklem, Governor of the Bank of CanadaInterview with the Cost of Living on CBC Radio Content Type(s): Press, Media activities
October 7, 2022 CARR agrees to begin process of developing Term CORRA benchmark On May 16, 2022 CARR launched a public consultation on whether there was a need for a forward-looking Term CORRA benchmark to replace CDOR in certain types of loan facilities. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group