Browse publications

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

This report lays out elements of the Bank’s strategy related to climate change and details how the issue will be managed holistically across the organization, following the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures. Content Type(s): Publications, Disclosure of Climate-Related Risks

Results from the Business Outlook Survey and the Business Leaders’ Pulse indicate that firms’ sentiment has improved. Responses were mostly gathered before the start of the war in the Middle East. Fewer businesses reported being affected by trade tensions with the United States, and many expect sales growth to improve. Most businesses plan to maintain or slightly increase current staffing levels and investment spending. One-year-ahead inflation expectations have ticked up slightly. Results of follow-up calls made after the start of Iran war suggest that many firms are already facing higher input costs related to the war due to rising prices for energy, fertilizer and freight.

Results of the first-quarter 2026 survey, conducted before the war in the Middle East, show that concerns about high prices and economic uncertainty continue to weigh on consumers’ spending plans. Even so, consumers, particularly those working in trade-sensitive sectors, became less negative about spending than in the previous quarter, and the CSCE indicator rose slightly reflecting this improvement in spending plans. Concerns about job losses remain elevated and increased among workers in sectors where artificial intelligence poses a greater risk of task replacement. Results of a special survey conducted after the war in the Middle East began suggest that most households expect the conflict to weaken the Canadian economy and raise prices.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 18, 2026.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on January 28, 2026.

The Market Participants Survey results are based on questionnaire responses from about 27 financial market participants.

The Canadian economy continues to adjust to US tariffs and the new global trade landscape. This adjustment will take time and growth is expected to be modest. Inflation is projected to remain near the 2% target.

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.

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%.