Recent economic and financial developments

• May 8, 2025

  Release of the Financial Stability Report

  Opening statement Tiff Macklem, Carolyn Rogers Ottawa, Ontario

  Press conference following the release of the Financial Stability Report.

  Content Type(s): Press, Speeches and appearances, Opening statements Research Topic(s): Business fluctuations and cycles, Debt management, Financial institutions, Financial markets, Financial stability, Financial system regulation and policies, International financial markets, Recent economic and financial developments
• March 20, 2025

  Navigating tariff uncertainty

  Remarks Tiff Macklem Calgary Economic Development Calgary, Alberta

  Governor Tiff Macklem discusses how the US trade conflict and uncertainty is hurting business and consumer confidence. He also outlines what the Bank is doing to ensure the trade conflict doesn’t cause widespread or persistent inflation.

  Content Type(s): Press, Speeches and appearances Research Topic(s): Inflation and prices, International topics, Monetary policy and uncertainty, Recent economic and financial developments, Regional economic developments, Trade integration
• March 20, 2025

  Tariffs and trade uncertainty are hurting the Canadian economy

  Speech summary Tiff Macklem Calgary Economic Development Calgary, Alberta

  Governor Tiff Macklem discusses how uncertainty about the trade war with the United States has shaken businesses and consumer confidence. He also reiterates that the Bank of Canada must ensure that high prices from tariffs do not lead to ongoing inflation.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Inflation and prices, International topics, Monetary policy and uncertainty, Recent economic and financial developments, Regional economic developments, Trade integration
• February 21, 2025

  Trade conflict: What can the Bank of Canada do?

  Speech summary Tiff Macklem Mississauga Board of Trade-Oakville Chamber of Commerce Mississauga, Ontario

  Governor Tiff Macklem discusses how a trade conflict would affect the Canadian economy and monetary policy. He also outlines what the Bank of Canada is focusing on as it renews its monetary policy framework.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Economic models, Housing, Inflation targets, International topics, Monetary policy and uncertainty, Monetary policy framework, Potential output, Productivity, Recent economic and financial developments, Trade integration
• February 21, 2025

  Tariffs, structural change and monetary policy

  Remarks Tiff Macklem Mississauga Board of Trade-Oakville Chamber of Commerce Mississauga, Ontario

  Governor Tiff Macklem discusses the potential impact of a trade conflict with the United States. He also launches the review of the Bank’s monetary policy framework.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Economic models, Housing, Inflation targets, International topics, Monetary policy and uncertainty, Monetary policy framework, Potential output, Productivity, Recent economic and financial developments, Trade integration
• February 6, 2025

  Structural change, supply shocks and hard choices

  Remarks (delivered virtually) Tiff Macklem Bank for International Settlements Mexico City, Mexico

  In panel remarks, Governor Tiff Macklem highlights the challenges ahead and discusses the role of monetary policy in a world with more structural change and supply shocks.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Credibility, Inflation and prices, International topics, Monetary policy and uncertainty, Monetary policy framework, Price stability, Recent economic and financial developments
• January 16, 2025

  Back to normal for the balance sheet

  Speech summary Toni Gravelle VersaFi (formerly Women in Capital Markets) Toronto, Ontario

  Deputy Governor Toni Gravelle provides an update on when quantitative tightening will end and explains how the Bank of Canada will manage its balance sheet going forward.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Financial institutions, Financial markets, Financial stability, Financial system regulation and policies, Market structure and pricing, Monetary policy implementation, Monetary policy transmission, Recent economic and financial developments
• January 16, 2025

  The end of quantitative tightening and what comes next

  Remarks Toni Gravelle VersaFi (formerly Women in Capital Markets) Toronto, Ontario

  Deputy Governor Toni Gravelle provides an update on when quantitative tightening will end and how the Bank of Canada will manage its balance sheet after that.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Financial institutions, Financial markets, Financial stability, Financial system regulation and policies, Market structure and pricing, Monetary policy implementation, Monetary policy transmission, Recent economic and financial developments

• Using new loan data to better understand mortgage holders

  Staff Analytical Note 2025-1 Odae Al Aboud, Saarah Sheikh, Adam Su, Yang Xu

  The Bank of Canada is using an enhanced dataset that tracks the stock of outstanding mortgages and home equity lines of credit held by federally regulated lenders. This paper highlights some of the new details in the dataset and how they impact the Bank’s understanding of the mortgage market.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Credit and credit aggregates, Financial institutions, Interest rates, Recent economic and financial developments JEL Code(s): D, D1, D12, D14, G, G2, G21, G28