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09:45 (ET)
On eight scheduled dates each year, the Bank of Canada announces the setting for the overnight rate target in a press release explaining the factors behind the decision. Four times a year, Governing Council presents the Monetary Policy Report: the Bank’s base-case projection for inflation and growth in the Canadian economy, and its assessment of risks.

View data from the Canadian Survey of Consumer Expectations (CSCE)—a quarterly survey aimed at measuring household views of inflation, the labour market and household finances.

Business conditions have deteriorated due to the trade conflict with the United States, according to results from the Business Outlook Survey and the Business Leaders’ Pulse. Sales outlooks have softened, particularly for exporters. Firms reported having sufficient capacity, and many are delaying investment and hiring decisions amid uncertainty. Firms expect that widespread tariffs would raise costs and lead to higher selling prices. In this context, expectations for inflation are higher than they were last quarter.

On Monday, April 7, 2025, the Bank of Canada will release the first quarter issues of the Business Outlook Survey and the Canadian Survey of Consumer Expectations.

Overall, results of the first-quarter 2025 survey show that the escalating trade conflict with the United States is damaging consumer sentiment. Confidence in the labour market has weakened significantly, and consumers have become more pessimistic about their financial health. Although consumption plans had been improving over the past several quarters, consumers now intend to spend more cautiously given the uncertainty around the trade conflict. They expect the trade conflict to lead to a higher cost of living, and this has pushed up their inflation expectations.

10:30 (ET)
The Business Outlook Survey is a summary of interviews conducted by the Bank's regional offices with business leaders from about 100 firms, selected in accordance with the composition of Canada's gross domestic product. The Canadian Survey of Consumer Expectations is a quarterly survey aimed at measuring household views of inflation, the labour market and household finances, as well as topical issues of interest to the Bank of Canada.

Read the terms and conditions of the Securities Lending Program.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 12, 2025.

On Wednesday, March 26, 2025, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on March 12, 2025.