News

The Bank of Canada today announced that Nick Leswick has been appointed to the new role of Executive Director of Policy, effective January 9, 2024.

Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%.

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.

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.