January 28, 2026
Monetary Policy Report—January 2026—Risks
With geopolitical uncertainty elevated and Canada’s trade agreement with the United States and Mexico under review, risks around the outlook are unusually high.
Posts
-
-
January 28, 2026
Monetary Policy Report Press Conference Opening Statement
Governor Tiff Macklem discusses the Monetary Policy Report and the key issues involved in the Governing Council’s deliberations about the monetary policy decision. -
January 28, 2026
Monetary Policy Report—January 2026—Canadian economy—Tariff and other assumptions
US tariffs remain elevated. The future of trade in North America continues to be highly uncertain. -
January 28, 2026
Monetary Policy Report—January 2026—In focus—How Canadian businesses are adapting to US tariffs
Canadian businesses continue their efforts to expand exports to countries other than the United States. Trade tensions are also leading Canadian businesses to rely less on US imports. -
January 28, 2026
Monetary Policy Report—January 2026—In focus—The review of the Canada–United States–Mexico Agreement
The future of Canada’s trade agreement with the United States and Mexico is unclear. A review of the agreement could lead to many possible outcomes, and these can have a wide range of impacts on the Canadian economy. -
January 19, 2026
Canadian Survey of Consumer Expectations—Fourth Quarter of 2025
Results of the fourth-quarter 2025 survey show that concerns over high prices and economic uncertainty related to the trade conflict continue to have a negative impact on consumers. As a result, even though labour market conditions improved somewhat, the CSCE indicator declined slightly. Expectations for near-term inflation remain higher than they were before the pandemic, while those for long-term inflation eased below pre-pandemic levels. -
January 19, 2026
Business Outlook Survey—Fourth Quarter of 2025
Firms’ sentiment remains subdued, according to results from the Business Outlook Survey and the Business Leaders’ Pulse. After a weak year, domestic sales growth is expected to improve slightly. Export sales are expected to be modest. Most businesses plan to maintain or decrease current staffing levels, and they continue to prioritize investment spending on routine maintenance. Firms reported less pressure than last quarter from tariff-related cost increases. Most do not anticipate substantial increases in selling prices. Inflation expectations remain roughly stable between 2.5% and 3%. -
January 19, 2026
Release: Business Outlook Survey and Canadian Survey of Consumer Expectations
10:30 (ET)
The Business Outlook Survey is a summary of interviews conducted by the Bank's regional offices with business leaders from about 100 firms, selected in accordance with the composition of Canada's gross domestic product. The Canadian Survey of Consumer Expectations is a quarterly survey aimed at measuring household views of inflation, the labour market and household finances, as well as topical issues of interest to the Bank of Canada. -
January 19, 2026
The Bank of Canada releases the fourth quarter issues of the Business Outlook Survey and the Canadian Survey of Consumer Expectations
On Monday, January 19, 2026, the Bank of Canada will release the fourth quarter issues of the Business Outlook Survey and the Canadian Survey of Consumer Expectations. -
January 19, 2026
What is gross domestic product?
Gross domestic product (GDP) is a measure of a country’s total economic output—the total value of all goods and services produced within that country—usually over the course of one year.