Posts

• October 29, 2025

  Monetary Policy Report—October 2025—In focus—Shifts in Cost Pressures

  Cost pressures are expected to ease. But businesses continue to face high input costs due to US tariffs and the broader reconfiguration of global trade.
• October 29, 2025

  Monetary Policy Report—October 2025—Overview

  The Canadian economy is adjusting to steep US tariffs on several industries and coping with elevated uncertainty. Tariffs have led to a fall in the demand for Canadian goods, affecting the broader economy. The reconfiguration of global trade and domestic production is also leading to higher costs. Total inflation has been around 2%, while underlying inflation has continued to be about 2½%.
• October 29, 2025

  Monetary Policy Report—October 2025—Risks

  Risks related to Canada’s trade relationship with the United States remain elevated. The outlook could also be affected by risks that are not directly related to tariffs.
• October 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
• October 29, 2025

  Monetary Policy Report—October 2025—In focus—Assessing underlying inflation

  The goal of monetary policy is to keep total inflation close to the 2% target. But inflation can be volatile, and it takes time for changes to interest rates to filter through the economy. This is why, when setting policy, it is important to distinguish between temporary movements in inflation and lasting ones.
• October 29, 2025

  Monetary Policy Report—October 2025—Global economy

  Global growth has been resilient. But the historic rise in US tariffs is reshaping global trade, weighing on prospects for global growth and pushing up inflation in the United States.
• October 29, 2025

  Monetary Policy Report—October 2025—Canadian economy—Outlook

  The ongoing trade conflict is fundamentally reshaping Canada’s economy and will have a lasting negative impact on economic activity. At the same time, the reconfiguration of global trade and domestic production is putting upward pressure on costs. Reflecting these two competing forces, inflation remains near the 2% target over the projection horizon.
• October 29, 2025

  Monetary Policy Report—October 2025—Projections

  Economic growth in Canada is projected to strengthen from around 0.75% in the second half of 2025, with annual growth averaging 1.4% over 2026 and 2027. Inflation is expected to remain around 2% over the projection horizon.
• October 29, 2025

  Monetary Policy Report—October 2025
• October 29, 2025

  Monetary Policy Report—October 2025—Canadian economy—Tariff assumptions

  Many countries have signed new trade agreements with the United States. US tariffs continue to be in flux, and the future of trade in North America remains uncertain.