Posts

• April 16, 2025

  Monetary Policy Report—April 2025—Canadian economy—Outlook

  The trade conflict has made the outlook for the Canadian economy highly uncertain. There is a range of scenarios for how US trade policy could unfold, which leads to a wide range of outcomes for Canadian inflation and economic growth.
• April 16, 2025

  Monetary Policy Report—April 2025—Risks

  Given the unprecedented shift in the direction of US trade policy, there is considerable uncertainty about how tariffs could impact the economy. The degree to which prices will rise and economic activity will weaken is unclear.
• April 16, 2025

  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
• April 16, 2025

  Monetary Policy Report—April 2025—Overview

  The Canadian economy ended 2024 strong. However, the escalating trade conflict is diminishing growth prospects. While tariffs are expected to increase price pressures, removing the consumer carbon tax has lowered energy prices. The unpredictability of US trade policy, and the speed and magnitude of the shifts, are making the economic outlook very uncertain.
• April 16, 2025

  Monetary Policy Report—April 2025—Global economy

  At the end of 2024, global economic growth was solid, and inflation had eased further toward central banks’ targets. Since then, the United States has imposed large and broad-based tariffs on most of its trading partners.
• April 16, 2025

  Monetary Policy Report—April 2025—Appendix

  Canada’s potential output growth is anticipated to slow due to declining population growth and the ongoing trade conflict. The range for Canada’s neutral interest rate lies between 2.25% and 3.25%.
• April 16, 2025

  Monetary Policy Report—April 2025—In focus—How removing the consumer carbon tax affects inflation

  The removal of the consumer carbon tax will temporarily lower inflation and result in a one-time reduction in the level of consumer prices, mostly reflecting a decline in gasoline prices.
• April 16, 2025

  Bank of Canada interest rate announcement  and release of the Monetary Policy Report

  On Wednesday, April 16, 2025, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision. The Bank will also publish its quarterly Monetary Policy Report (MPR) at the same time as the rate decision.

  Content Type(s): Press, Media advisories
• April 16, 2025

  Monetary Policy Report—January 2025—Canadian economy—Current conditions

  Inflation was near the 2% target in the fourth quarter of 2024, and interest rate cuts had bolstered economic growth. But since then, the trade conflict has intensified. Trade uncertainty and tariffs are expected to slow growth and add to price pressures.
• April 16, 2025

  CIMPA Meeting (April 16, 2025)

  Content Type(s): Meetings Source(s): Collateral Infrastructure and Market Practices Advisory Group