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Governor Tiff Macklem talks about how the labour market has adjusted to higher interest rates and slower economic growth. He also discusses how a strong, inclusive labour market is key to growth in the long run.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on June 5, 2024.

Deputy Governor Sharon Kozicki talks about the importance of central bank transparency and accountability. She looks at the exceptional monetary policy measures the Bank of Canada used during the COVID-19 pandemic and analyzes their effectiveness.

Governor Tiff Macklem looks back on the lessons learned from post-pandemic inflation and discusses the challenges ahead.

The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization.