December 6, 2018 Year-End Economic Progress Report: Financial Vulnerabilities in Focus Remarks Stephen S. Poloz CFA Toronto Toronto, Ontario Governor Poloz talks about how household debt levels and housing markets played a role in the latest interest-rate decision. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Financial stability, Housing, Monetary policy, Recent economic and financial developments
December 6, 2018 Governor Poloz speaks on financial vulnerabilities and risks to the economy Speech summary Stephen S. Poloz CFA - Toronto Toronto, Ontario In his final speech of 2018, Governor Stephen S. Poloz discusses the vulnerabilities and risks in Canada’s financial system as well as Canadian and global economic developments. He explains how all this was taken into account in the December interest rate decision. Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Financial stability, Housing, Monetary policy, Recent economic and financial developments
The Impact of Surprising Monetary Policy Announcements on Exchange Rate Volatility Staff Analytical Note 2018-39 Adam Albogatchiev, Jean-Sébastien Fontaine, Jabir Sandhu, Reginald Xie We identify a few Bank of Canada press releases that had the largest immediate impact on the exchange rate market. We find that volatility increases after these releases, but the effect is short-lived and mostly dissipates after the first hour, on average. Beyond the first hour, the size of the effect is similar to what we observe for other economic releases, such as those for inflation or economic growth data. Content Type(s): Staff research, Staff analytical notes Topic(s): Exchange rates, Financial markets, Monetary policy JEL Code(s): E, E4, E44, F, F3, F31, G, G1, G10, G12, G14, G15
Does US or Canadian Macro News Drive Canadian Bond Yields? Staff Analytical Note 2018-38 Bruno Feunou, Rodrigo Sekkel, Morvan Nongni-Donfack We show that a large share of low-frequency (quarterly) movements in Canadian government bond yields can be explained by macroeconomic news, even though high-frequency (daily) changes are driven by other shocks. Furthermore, we show that US macro news—not domestic news— explains most of the quarterly variation in Canadian bond yields. Content Type(s): Staff research, Staff analytical notes Topic(s): Financial markets, International topics, Monetary policy JEL Code(s): C, C2, C22, E, E4, E43
December 5, 2018 Bank of Canada maintains overnight rate target at 1 ¾ per cent Media Relations Ottawa, Ontario The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Content Type(s): Press, Press releases
December 4, 2018 Bank of Canada Announces Deputy Governor Appointment Media Relations Ottawa, Ontario The Board of Directors of the Bank of Canada today announced the appointment of Paul Beaudry as Deputy Governor, effective February 18, 2019. Content Type(s): Press, Press releases