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Results of the third-quarter 2026 survey show that consumers’ long-term inflation expectations rose to match elevated shorter-term expectations. Consumers continued to cite trade tensions and energy prices as key sources of inflation. Expectations at all horizons moved higher following the breakdown of trade talks between Canada and the United States. Before trade talks broke down, the Canadian Survey of Consumer Expectations (CSCE) indicator edged higher, reflecting improvements in consumers’ views of their financial health. Consumers cited gains in financial asset values and greater confidence in the labour market as reasons for these improved views of financial health. Workers’ perceptions of the labour market moved closer to their survey average. Perceptions improved among workers more exposed to trade with the United States but deteriorated among workers in sectors where artificial intelligence poses a higher risk of task replacement. At the same time, spending plans deteriorated from already weak levels as high prices and economic uncertainty continue to weigh on consumers.

We find that Bitcoin ownership declined from 13% in 2021 to 10% in 2022. This drop occurred against a background of steep price declines and an increasingly tight regulatory atmosphere.

Governor Mark Carney, with Minister of Finance James Flaherty and RCMP Commissioner William Elliott, unveils a new polymer bank note series.

This note presents measures of liquidity used by the Bank of Canada to monitor market conditions and discusses recent trends in Government of Canada (GoC) fixed-income market liquidity. Our results indicate that the Bank’s measures have improved since the financial crisis. Furthermore, GoC market liquidity deteriorated following several stressful events: the euro crisis in 2011, the taper tantrum in 2013 and the oil price shock in 2015. In all three cases, the deterioration remained within historical norms and liquidity returned to normal levels afterwards.

Deputy Governor Timothy Lane discusses the causes of the recent drop in oil prices and its effects on the global and Canadian economies.

Deputy Governor Lynn Patterson discusses how the Bank gathers financial market intelligence and what it is learning.

Senior Deputy Governor Carolyn A. Wilkins talks about encouraging signs that growth is broadening across Canada’s regions and sectors.

The theme of this conference – "Adapting to a New World Order" – suggests that it is clear how global commerce and finance will be reorganized in the wake of the current crisis. However, the outcome is far from preordained. How we manage the rebalancing of the global economy could profoundly influence how open, equitable, and prosperous the New World Order will be.

Bordo and Redish examine the evolution of central banking over the past 70 years and identify periods where Canada was either a notable innovator with regard to central banking practices or appeared to be following a slightly different course. They note that global forces seemed to play an important role in determining inflation outcomes throughout the 70-year period, and that Canada and the United States experienced roughly similar inflation rates despite some important differences in their monetary policy regimes. Canada, for example, was comparatively late in establishing a central bank, launching the Bank of Canada long after most other industrial countries had one. Canada also operated under a flexible exchange rate through much of the Bretton Woods period, unlike any other country in the 1950s and early 1960s; adopted inflation targets well before most other central banks; and introduced a number of other innovative changes with regard to the implementation of monetary policy in the 1990s.

It has been a difficult year. The financial turmoil that began mid-2007 deteriorated into a full-blown global financial crisis through 2008. While the resilience and soundness of the Canadian financial system were in many respects exceptional, the scale of the financial crisis and the subsequent global recession had an increasing impact by year’s end on our financial system and our economy.