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Results of the third-quarter 2025 survey show that tariffs and trade tensions continue to affect consumers' perceptions about their financial health and spending plans. The CSCE indicator rose modestly from its most recent low, improved by slight gains in financial health and household spending intentions. But perceptions of labour market conditions deteriorated further, driven in part by a sharp drop in job-finding prospects for public sector workers. Consumers’ short-term inflation expectations remain above their pre-pandemic averages, and expectations for longer-term inflation have picked up again.

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.

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.

Deputy Governor Rhys Mendes speaks about how the Bank of Canada assesses underlying inflation, including the use of measures of core inflation. He also touches on the renewal of the monetary policy framework, which happens in 2026.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on September 17, 2025.