Posts

• January 28, 2026

  Monetary Policy Report—January 2026—Overview

  US tariffs and the unpredictability of future trade arrangements are disrupting the Canadian economy. Growth in Canada is expected to remain modest, while inflation stays close to 2%.
• January 28, 2026

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

  The Canadian economy continues to evolve as expected. Average quarterly growth was subdued in 2025, weighed down by US tariffs and slowing population growth. CPI inflation remains near the 2% target.
• January 28, 2026

  Monetary Policy Report—January 2026—Canadian economy—Outlook

  US trade restrictions have disrupted the Canadian economy, leading to structural adjustments that will take time to unfold. Economic growth is expected to remain modest. Excess supply roughly offsets upward cost pressures over the projection horizon, keeping inflation close to the 2% target.
• January 28, 2026

  Monetary Policy Report—January 2026—Global economy

  Global growth is expected to remain solid, supported by the boom in investment in artificial intelligence and by fiscal stimulus in several major economies.
• January 28, 2026

  Monetary Policy Report—January 2026—Projections

  The outlook for the Canadian economy is evolving largely as anticipated. Economic growth is expected to average around 1¼% over the projection horizon, and inflation remains near 2%.
• 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.
• January 28, 2026

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Tiff Macklem Ottawa, Ontario

  Governor Tiff Macklem discusses the Monetary Policy Report and the key issues involved in the Governing Council’s deliberations about the monetary policy decision.

  Content Type(s): Press, Speeches and appearances, Opening statements
• 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.