It takes a panel to predict the future: What the stock market says about future economic growth in Canada Staff Analytical Note 2023-9 Greg Adams, Jean-Sébastien Fontaine Valuation ratios in the Canadian stock market can help reveal investors’ expectations about future economic growth because the impact of economic growth on valuation ratios can vary across industries. We find that this variation helps produce accurate forecasts of future growth of real gross domestic product in Canada. The forecasts from our model declined by just over 3 percentage points between January 2022 and February 2023—a period when the Bank of Canada rapidly increased the overnight rate. As well, we find that interest-rate-sensitive industries had an outsized contribution to this expected slowdown in growth. Content Type(s): Staff research, Staff analytical notes Topic(s): Asset pricing, Financial markets, Monetary policy transmission JEL Code(s): E, E4, E44, E47, E5, E52
July 27, 2023 CARR publishes its recommendations for transitioning loans from CDOR to CORRA and provides a “no new CDOR or BA loan” milestone 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). Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
July 27, 2023 Bank of Canada publishes its 2024 schedule for policy interest rate announcements and other major publications Media Relations Ottawa, Ontario The Bank of Canada today published its 2024 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year. Content Type(s): Press, Press releases
Cryptoasset Ownership and Use in Canada: An Update for 2022 Staff Discussion Paper 2023-14 Daniela Balutel, Christopher Henry, Doina Rusu 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. Content Type(s): Staff research, Staff discussion papers Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods JEL Code(s): C, C8, C81, E, E4, O, O5, O51
July 26, 2023 Summary of Governing Council deliberations: Fixed announcement date of July 12, 2023 This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on July 12, 2023. Content Type(s): Publications, Summary of deliberations
July 26, 2023 Release of the Bank of Canada’s summary of deliberations On Wednesday, July 26, 2023, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on July 12, 2023. Content Type(s): Press, Media advisories
July 24, 2023 Market Participants Survey—Second Quarter of 2023 The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants. Content Type(s): Publications, Market Participants Survey