Posts

• January 29, 2025

  Monetary Policy Report—January 2025—Canadian economy—Outlook

  Economic growth in Canada is projected to rise to around 1.8% in 2025 and 2026, outpacing potential output, and excess supply is gradually absorbed. Inflation is expected to remain close to the Bank of Canada’s 2% target.
• January 29, 2025

  Monetary Policy Report—January 2025—Canadian economy—Current conditions

  Inflation remains close to 2%, and past cuts in interest rates are boosting economic growth in Canada. At the same time, the threat of wide-ranging tariffs by the new US administration has increased uncertainty.
• January 29, 2025

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Tiff Macklem Ottawa, Ontario

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

  Content Type(s): Press, Speeches and appearances, Opening statements
• January 29, 2025

  Bank of Canada interest rate announcement and release of the Monetary Policy Report

  On Wednesday, January 29, 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. The Bank will also publish its quarterly Monetary Policy Report (MPR) at the same time as the rate decision.

  Content Type(s): Press, Media advisories
• January 29, 2025

  Monetary Policy Report—January 2025—In focus—Recent factors affecting the Canada-US exchange rate

  The Canadian dollar has declined against the US dollar since October 2024, mostly due to rising uncertainty around trade policies. A widening differential in policy interest rates between the two countries has also played a modest role.
• January 29, 2025

  Monetary Policy Report—January 2025—Overview

  Economic growth has ticked up in Canada, boosted by past cuts in interest rates. In the absence of new tariffs, growth is forecast to strengthen, and inflation remains close to 2%. But the threat of new tariffs is causing major uncertainty.
• January 29, 2025

  Monetary Policy Report—January 2025—In focus—Evaluating the potential impacts of US tariffs

  The new US administration is considering sweeping tariffs on imports. While many important elements are unknown, these measures could be highly disruptive to the Canadian and US economies.
• January 29, 2025

  Monetary Policy Report—January 2025—Risks

  The prospect of wide-ranging US import tariffs is the most important risk to the outlook. Given the fast-evolving situation and the high degree of uncertainty, the Bank has chosen not to include new tariffs in the projection.
• January 20, 2025

  Business Outlook Survey—Fourth Quarter of 2024

  Results from the Business Outlook Survey and the Business Leaders’ Pulse show that overall business conditions remain subdued, but firms are beginning to anticipate improvements in activity. Sales outlooks continue to show signs of improvement after a period of weakness. Yet many businesses still have spare capacity, which is reducing their need to expand. Firms expect cost growth, including wages, to soften further. Expectations for inflation moved slightly higher but remain within the Bank of Canada’s target range.

  Content Type(s): Publications, Business Outlook Survey
• January 20, 2025

  Canadian Survey of Consumer Expectations—Fourth Quarter of 2024

  Results from the CSCE show that consumer sentiment improved this quarter, mainly due to recent interest rate cuts and the expectation of further cuts ahead. Consumers reported stronger spending plans. Still, they reported that high prices of many goods and services, economic uncertainty and elevated housing costs continue to weigh on spending decisions. Consumer confidence in the labour market has weakened and is now slightly below the survey average. Consumers’ inflation expectations have largely returned to historical norms.

  Content Type(s): Publications, Canadian Survey of Consumer Expectations