Posts

• October 9, 2025

  Speech: Carolyn Rogers, Senior Deputy Governor

  08:15 (ET)
  Toronto, ON

  Content Type(s): Upcoming events

• An update on the Canadian money market mutual fund sector

  Staff Analytical Note 2025-25 Jabir Sandhu, Sofia Tchamova, Rishi Vala

  We examine the Canadian money market fund (MMF) sector and find that it has grown rapidly, holding a large share of treasury bills and commercial paper. Unlike in some other jurisdictions where investor outflows likely amplified stresses, Canadian MMFs experienced inflows during the March 2020 market turmoil.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Coronavirus disease (COVID-19), Financial institutions, Financial markets, Financial stability, Market structure and pricing, Monetary policy transmission JEL Code(s): E, E4, E40, G, G0, G00, G01, G1, G2, G23
• October 9, 2025

  Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in Canada during April 2025

  Media Relations Ottawa, Ontario

  In April, the Bank of Canada and 51 other central banks and monetary authorities conducted the latest triennial survey of turnover activity in the foreign exchange (FX) and over-the-counter (OTC) derivatives markets in their respective countries.

  Content Type(s): Press, Press releases Source(s): Canadian Foreign Exchange Committee
• October 9, 2025

  Speech by Carolyn Rogers, Senior Deputy Governor of the Bank of Canada

  On Thursday, October 9, 2025, Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, will speak before the Canadian Club Toronto.

  Content Type(s): Press, Media advisories
• October 9, 2025

  Prosperity through productivity

  Speech summary Carolyn Rogers Canadian Club Toronto Toronto, Ontario

  Senior Deputy Governor Carolyn Rogers discusses how productivity growth can boost Canada’s prosperity and resilience, especially in a shock-prone world. Focusing on Canada’s banking sector, she explains how competition can improve productivity. But, she warns, it comes with trade-offs that must be managed carefully.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Financial institutions, Financial services, Financial system regulation and policies, Firm dynamics, Productivity
• October 9, 2025

  Productivity’s competitive edge

  Remarks Carolyn Rogers Canadian Club Toronto Toronto, Ontario

  Senior Deputy Governor Carolyn Rogers discusses how productivity growth can boost Canada’s prosperity and resilience. She also outlines how upcoming financial sector reforms are designed to increase competition.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Financial institutions, Financial services, Financial system regulation and policies, Firm dynamics, Productivity

• BoC–BoE Sovereign Default Database: What’s new in 2025?

  Staff Analytical Note 2025-24 David Beers, Obiageri Ndukwe, Joe Berry

  The BoC–BoE database of sovereign debt defaults, published and updated annually by the Bank of Canada and the Bank of England, provides comprehensive estimates of stocks of government obligations in default. The 2025 edition highlights a decline in the US-dollar value of sovereign debt in default and provides more data about defaults on China’s official loans.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Debt management, Development economics, Financial stability, International financial markets JEL Code(s): F, F3, F34, G, G1, G10, G14, G15
• October 3, 2025

  The difference between the price level and inflation

  Price levels are a measure of the average cost of goods and services in the economy at a particular point in time. Inflation measures the rate of change in prices over a specific period.

  Content Type(s): Explainers Research Topic(s): Inflation and prices, Inflation targets

• Household balance sheets and mortgage payment shocks

  Staff Analytical Note 2025-23 Thomas Michael Pugh, Saarah Sheikh, Taylor Webley

  Household savings in Canada have increased significantly since 2019, especially among homeowners without a mortgage. We assess how savings buffers can mitigate households’ financial risk in relation to asset repricing, mortgage payment renewal and unemployment.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Credit and credit aggregates, Financial stability, Housing, Recent economic and financial developments JEL Code(s): D, D3, D31, E, E2, E21, G, G5, G51

• The increasing role of hedge funds in Government of Canada bond auctions

  Staff Analytical Note 2025-22 Adam Epp, Jeffrey Gao

  We find that the rise in Government of Canada debt issuance correlates to growing participation of hedge funds in bond auctions since 2020. This increased participation supports the cost-effective distribution of Canada’s debt, but it also represents a potential vulnerability because hedge funds have a greater flight risk than other investor types.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Debt management, Financial institutions, Financial markets, Financial stability JEL Code(s): D, D4, D44, G, G1, G12, G2, G23, H, H6, H63