October 25, 2024 Media roundtable with Governor Macklem As is customary, Tiff Macklem, Governor of the Bank of Canada, held today a virtual roundtable with journalists from the sidelines of the IMF meetings in Washington, DC. Content Type(s): Press, Media advisories
October 24, 2024 Bank of Canada announces a change to Overnight Repo operations Effective Friday, October 25, 2024, the aggregate cash value amount offered in each Overnight Repo (OR) operation will change to a minimum of $8 billion. Content Type(s): Press, Market notices Source(s): Overnight repo operations
From Micro to Macro Hysteresis: Long-Run Effects of Monetary Policy Staff Working Paper 2024-39 Felipe Alves, Giovanni L. Violante We explore the long-run effects of a monetary policy shock in a Heterogeneous Agent New Keynesian model built on the micro evidence that job losses lead to persistently lower individual earnings through a combination of skill decay and abandonment of the labour force. Content Type(s): Staff research, Staff working papers Topic(s): Labour markets, Monetary policy transmission JEL Code(s): E, E2, E21, E24, E3, E31, E32, E5, E52, J, J2, J24, J6, J64
Does Unconventional Monetary and Fiscal Policy Contribute to the COVID Inflation Surge in the US? Staff Working Paper 2024-38 Jing Cynthia Wu, Yinxi Xie, Ji Zhang We assess whether unconventional monetary and fiscal policy implemented in response to the COVID-19 pandemic in the U.S. contribute to the 2021-2023 inflation surge through the lens of several different empirical methodologies and establish a null result. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Central bank research, Fiscal policy, Inflation and prices, Monetary policy JEL Code(s): E, E3, E31, E5, E52, E6, E63
October 23, 2024 Bank of Canada reduces policy rate by 50 basis points to 3¾% Media Relations Ottawa, Ontario The Bank of Canada today reduced 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 23, 2024 Monetary Policy Report—October 2024 Monetary policy has worked to reduce price pressures in the Canadian economy. Inflation is now around 2% and is expected to remain near the middle of the Bank of Canada’s control range of 1% to 3% over the projection. Content Type(s): Publications, Monetary Policy Report
October 23, 2024 Monetary Policy Report—October 2024—Overview Monetary policy has worked to reduce price pressures in the Canadian economy. Inflation is now around 2% and is expected to remain near the middle of the Bank of Canada’s control range of 1% to 3% over the projection.
October 23, 2024 Monetary Policy Report—October 2024—Risks The Bank of Canada sees both upside and downside risks to the inflation outlook, but the base-case scenario is considered the most likely outcome.