Posts

• December 10, 2025

  Bank of Canada maintains policy rate at 2¼%

  Media Relations Ottawa, Ontario

  The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%.

  Content Type(s): Press, Press releases
• December 10, 2025

  Monetary Policy Decision Press Conference Opening Statement

  Opening statement Tiff Macklem Ottawa, Ontario

  Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the monetary policy decision.

  Content Type(s): Press, Speeches and appearances, Opening statements
• December 10, 2025

  Bank of Canada Interest Rate Announcement

  On Wednesday, December 10, 2025, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision.

  Content Type(s): Press, Media advisories
• December 10, 2025

  Interest Rate Announcement

  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.

  Content Type(s): Upcoming events
• December 8, 2025

  2026–28 Accessibility Plan

  At the Bank of Canada, our commitment to accessibility is rooted in our values, which guide us to include everyone.
• December 5, 2025

  Bank of Canada announces finalists for the eleventh annual Governor’s Challenge

  Media Relations Ottawa, Ontario

  The Bank of Canada has announced the five finalist teams in the 2025-26 edition of The Governor’s Challenge, a competition where university students simulate the role of advisor to the Bank’s Governing Council.

  Content Type(s): Press, Press releases

• Unintended consequences of liquidity regulation

  Staff Analytical Note 2025-28 Omar Abdelrahman, Josef Schroth

  When a bank holds a lot of safe assets, it is well situated to deal with funding stress. But when all banks hold a lot of safe assets, a pecuniary externality implies that their (wholesale) funding costs increase. This reduces banks’ ability to hold capital buffers and thus, paradoxically, increases the frequency of funding stress.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies JEL Code(s): E, E4, E44, E6, G, G2, G21, G28

• Modelling the Sovereign Debt Strategy: A Practical Primer

  Staff Discussion Paper 2025-16 Nicolas Audet, Adam Epp, Jeffrey Gao, Joe Ning

  We provide a primer on the role of debt modelling in informing the sovereign debt issuance strategy and discuss how specific challenges faced by debt managers can influence model design decisions. These insights are supported by our experiences using the Canadian Debt Strategy Model to guide policy decisions.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Debt management, Econometric and statistical methods, Financial markets, Fiscal policy JEL Code(s): G, G1, G11, G17, H, H6, H63, H68

• Anticipating changes in bank capital buffer requirements

  Staff Analytical Note 2025-27 Josef Schroth

  Time-varying capital buffer requirements are a powerful tool that allow bank regulators to avoid severe financial stress without the cost of imposing very high levels of capital. However, this tool is only effective if banks understand how it is used. I present a model that banks and financial market participants can use to anticipate how time-varying capital buffer requirements change over time.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Credit risk management, Financial stability, Financial system regulation and policies JEL Code(s): E, E1, E13, E3, E32, E4, E44

• Do Firms’ Sales Expectations Hit the Mark? Evidence from the Business Leaders’ Pulse

  Staff Discussion Paper 2025-15 Owen Gaboury, Farrukh Suvankulov, Mathieu Utting

  We analyze Canadian data from the Bank of Canada’s Business Leaders’ Pulse, examining firms’ sales growth expectations. We find that expected growth predicts outcomes, uncertainty influences forecast errors and revisions, and firms with weak past performance anticipate and experience weaker future growth. These results highlight the survey’s value for understanding business expectations.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Firm dynamics, Monetary policy and uncertainty JEL Code(s): C, C8, C83, D, D2, D22