Posts

• April 29, 2026

  Monetary Policy Report—April 2026—Canadian economy—Tariff and other assumptions

  Average US tariff rates decreased recently, both globally and in Canada. But the future of trade in North America remains a key source of uncertainty. The war in the Middle East has pushed global oil prices up sharply.
• April 29, 2026

  Monetary Policy Report—April 2026—Appendix—Potential output and the nominal neutral rate of interest

  US protectionism is expected to dampen labour productivity, while population growth remains subdued. Growth in Canadian potential output is expected to weaken in 2026. It then picks up in 2027 and 2028 as investment recovers and artificial intelligence improves productivity.
• April 29, 2026

  Interest Rate Announcement and Monetary Policy Report

  09:45 (ET)
  On eight scheduled dates each year, the Bank of Canada announces the setting for the overnight rate target in a press release explaining the factors behind the decision. Four times a year, Governing Council presents the Monetary Policy Report: the Bank’s base-case projection for inflation and growth in the Canadian economy, and its assessment of risks.

  Content Type(s): Upcoming events
• April 29, 2026

  Monetary Policy Report—April 2026—Risks

  The risks around inflation are unusually high. The main risk is associated with trade relations with the United States. The war in the Middle East presents a new risk.
• April 29, 2026

  Monetary Policy Report—April 2026—Canadian economy—Outlook

  The Canadian economy continues to adjust to US tariffs and trade uncertainty, with economic activity on a lower path than before tariffs were imposed. The war in the Middle East is also affecting the outlook. Inflation is projected to rise in the near term before easing toward 2% in early 2027, while economic growth remains modest.
• April 29, 2026

  Monetary Policy Report—April 2026—Projections

  The outlook for Canadian economic growth in 2026 and 2027 is evolving generally as anticipated. Inflation is expected to increase in 2026 due to higher gasoline prices caused by the war in the Middle East. It will then ease in 2027 as oil prices are assumed to moderate.
• April 29, 2026

  Monetary Policy Report—April 2026—Canadian economy—Current conditions

  The Canadian economy is expected to have grown modestly in early 2026. After being close to 2% for more than a year, inflation increased in March as the war in the Middle East pushed up oil prices. Inflation is expected to rise further in April.
• April 29, 2026

  Monetary Policy Report—April 2026—Global economy

  The war in the Middle East has driven up inflation worldwide and is weighing on global growth. Uncertainty has risen markedly. US trade policy continues to reshape global trade.
• April 29, 2026

  Monetary Policy Report—April 2026—Overview

  Before the outbreak of the war in the Middle East, the Canadian economy was evolving as expected. Since the war began, oil prices have risen, pushing inflation up, and the outlook has become more uncertain.
• April 27, 2026

  Annual Report 2025

  

  The 2025 Annual Report includes the financial statements and a message from Governor Tiff Macklem.

  Content Type(s): Publications, Annual Report