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This paper provides the context, rationale and key considerations that informed the Bank of Canada’s decision to publish a summary of monetary policy deliberations. It includes an analysis of how other central banks disclose minutes and summaries of their monetary policy deliberations.

We are three years into the global financial crisis, and its dynamics still dominate the economic outlook. In particular, broad forces of bank, household, and sovereign deleveraging can be expected to add to the variability and temper the pace of global economic growth in the years ahead.

Ron Morrow, Executive Director of Retail Payments Supervision, discusses the Bank’s new mandate and what the future holds for payment service providers.

Inflation expectations are important to monetary policy decision-makers. Using survey evidence, we examine how firms and consumers react to their inflation expectations during the post-pandemic period of high inflation.

Results of the second-quarter 2026 survey show that consumers’ near-term inflation expectations remain elevated amid ongoing trade tensions and rising concerns about oil and energy prices linked to the war in the Middle East. The CSCE indicator remains low as consumers still view the economic environment as challenging. High prices and economic uncertainty continue to weigh on household spending plans, particularly among households expecting the war to significantly raise inflation. At the same time, perceptions of the labour market improved modestly as fears of job loss eased, particularly in sectors highly sensitive to trade.

This report investigates how the markets for repurchase agreements and securities-lending agreements support the liquidity of Canadian bond markets. It also discusses how recent regulatory changes, as well as low interest rates and settlement failures, are potentially affecting securities-financing markets and, as a result, bond market liquidity.

Today, the Canadian Alternative Reference Rate working group (CARR) published a set of documents that will help support the transition of the Canadian loan market from the Canadian Dollar Offered Rate (CDOR) to the Canadian Overnight Repo Rate Average (CORRA).

Finance Minister Bill Morneau and Bank of Canada Governor Stephen S. Poloz today unveiled the new $10 bank note featuring Viola Desmond during a ceremony at the Halifax Central Library.

Overall, results of the second-quarter 2025 survey show that the CSCE indicator—a measure developed to summarize the opinions of Canadian consumers—declined again this quarter as spending intentions continued to weaken due to the persistent threats of tariffs and related uncertainty. Consumers still see the labour market as soft, and their fear of job loss is elevated. The trade conflict is leading consumers to become increasingly cautious about their spending plans and to change their spending behaviour. Consumers’ short-term inflation expectations have changed little since increasing markedly in the first quarter of 2025. This quarter, more consumers cited tariffs as the most important factor affecting the Bank of Canada’s ability to control inflation.

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.