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News
July 24, 2024
July 24, 2024
Monetary policy is working to reduce price pressures in the Canadian economy. Core inflation is expected to ease gradually, while the path of CPI inflation will be bumpy. Inflation returns sustainably to the 2% target in the second half of 2025.
Monetary Policy Report – July 2024
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Publications,
Monetary Policy Report
July 24, 2024
Monetary Policy Report Press Conference Opening Statement
Governor Tiff Macklem discusses the Monetary Policy Report and the key issues involved in the Governing Council’s deliberations about the policy rate decision.
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Press,
Speeches and appearances,
Opening statements
July 15, 2024
Results from the Business Outlook Survey and the Business Leaders’ Pulse continue to signal weak demand, which is weighing on investment and hiring plans. While few firms are planning layoffs, labour markets are widely seen as continuing to soften. Although they remain above average, wage and inflation expectations are easing. Most firms that made abnormally large price increases in the past 12 months do not plan to do so again in the coming year.
Business Outlook Survey—Second Quarter of 2024
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Publications,
Business Outlook Survey
July 15, 2024
Consumers’ perceptions of inflation are unchanged from a quarter ago, but their expectations for near-term inflation declined significantly. While both measures have improved substantially in recent quarters, they remain higher than they were before the COVID‑19 pandemic. Most consumers continue to think that domestic factors are contributing to high inflation. Sentiment remains subdued and unchanged from last quarter, as high inflation and elevated interest rates continue to constrain people’s budgets. Perceived financial stress remains high, most consumers continue to report spending cuts, and pessimism about future economic conditions persists. Canadians’ perceptions of the labour market have weakened this quarter, especially among private sector employees. Yet overall wage growth expectations reached a new survey high, driven by public sector employees.
Canadian Survey of Consumer Expectations—Second Quarter of 2024
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Publications,
Canadian Survey of Consumer Expectations
Our Monetary Policy Report is out!
— Bank of Canada (@bankofcanada) July 24, 2024
Explore key #economy and inflation trends in our quick video.
Check out the full report: https://t.co/icbteNI4I8#cdnecon #EconomicTrends pic.twitter.com/d4YAs0GaEV
Canadian dollar
Market notices
- July 22, 2024 CFEC Releases Results of April 2024 Foreign Exchange Volume Survey
- July 12, 2024 Bank of Canada announces increases to the dealer and round limits for Overnight Repo operations
- June 26, 2024 CFIF-BATVN publishes an educational primer on Canadian Asset-Backed Commercial Paper
- June 11, 2024 Changes to Assets Eligible as Collateral under the Bank of Canada’s Standing Liquidity Facility
- June 10, 2024 CARR provides guidance for CDOR-based loans, derivatives and securities that do not have a robust fallback in place for CDOR’s cessation post June 28, 2024
Upcoming events
- August 2, 2024 Release: Market Participants Survey
- August 5, 2024 Civic Holiday
- August 7, 2024 Publication: Summary of Deliberations
- August 19, 2024 Release: Senior Loan Officer Survey
- September 2, 2024 Labour Day