January 15, 2024
Publications
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January 15, 2024
Business Outlook Survey—Fourth Quarter of 2023
Results from the Business Outlook Survey and the Business Leaders’ Pulse show that with high interest rates and soft demand, firms’ sales growth has slowed over the past 12 months. Firms are less optimistic about current business conditions than they were last quarter, but they expect their sales growth to stabilize in the coming year. With competition returning and demand remaining soft, businesses’ pricing behaviour is slowly returning to normal. -
January 15, 2024
Canadian Survey of Consumer Expectations—Fourth Quarter of 2023
Consumers believe inflation has fallen, but their expectations for inflation in the near term are showing little progress in returning to pre-pandemic levels. Slow progress may be due to persistently high inflation expectations for services such as rent. In addition, consumers increasingly think domestic factors, such as high government spending, are supporting high inflation, and they believe these factors will take longer to resolve than global factors. Consumers have adjusted their behaviour in response to prolonged high inflation—more people are paying attention to inflation and changing their spending habits. However, actions that may support inflation, such as seeking wage increases to offset it, are dissipating. The negative effects of high interest rates are broadening, and indicators of household financial stress are deteriorating. Consumers remain uncertain about the economic outlook, and this uncertainty is weighing on their spending plans. Workers think the labour market has weakened slightly. However, expectations for wage growth remain high, supported by cost-of-living adjustments in some workers’ wage contracts. -
December 21, 2023
How higher interest rates affect inflation
When the Bank of Canada changes its policy interest rate, it affects every part of the economy – but that does not happen all at once. Learn more about how raising and lowering interest rates takes effect through the monetary policy transmission mechanism. -
December 20, 2023
Summary of Governing Council deliberations: Fixed announcement date of December 6, 2023
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on December 6, 2023. -
November 17, 2023
Quarterly Financial Report - Third Quarter 2023
Quarterly Financial Report - Third Quarter 2023 - For the period ended September 30, 2023 -
November 8, 2023
Summary of Governing Council deliberations: Fixed announcement date of October 25, 2023
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on October 25, 2023. -
November 6, 2023
Market Participants Survey—Third Quarter of 2023
The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants. -
October 25, 2023
Monetary Policy Report – October 2023
Higher interest rates are working to ease price pressures in Canada and inflation is coming down, though progress to the 2% target is slow. The Bank projects that inflation will stay around 3½% until the middle of 2024, returning to target in 2025. -
October 16, 2023
Business Outlook Survey—Third Quarter of 2023
Results from the Business Outlook Survey for the third quarter of 2023, along with those from the July, August and September 2023 Business Leaders’ Pulse surveys suggest that on balance, firms are still planning to make larger and more frequent price increases than they did before the COVID-19 pandemic. Further, businesses' outlook for demand has continued to weaken as higher interest rates impact the economy.