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Indigenous businesses make a valuable contribution to Canada’s economy, but we still have much to learn about what makes them distinct.

Quarterly Financial Report - Third Quarter 2024 - For the period ended September 30, 2024, unaudited

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on October 23, 2024.

The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants.

Monetary policy has worked to reduce price pressures in the Canadian economy. Inflation is now around 2% and is expected to remain near the middle of the Bank of Canada’s control range of 1% to 3% over the projection.

Results from the Business Outlook Survey and the Business Leaders’ Pulse show that inflationary pressures continue to ease. Firms feel appropriately equipped to meet current and anticipated soft demand. Their investment and hiring plans are therefore modest. Expectations for growth in wages, input costs and selling prices have continued to normalize as inflation has come down.

Consumers’ perceptions of current inflation and their expectations for inflation over the next year have declined this quarter, although they remain higher than they were before the COVID‑19 pandemic. Perceptions of financial stress have improved. And, given recent interest rate cuts and lower inflation, fewer consumers reported reducing their spending. However, consumers expect interest rates to remain elevated, which is affecting their spending decisions. Perceptions of the labour market have weakened further, with young consumers reporting a more pronounced deterioration than others. Still, overall, job prospects are close to survey averages.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on September 4, 2024.

Higher productivity helps keep prices down and wages up. It gives workers more money to spend and increases the value they get when they spend it. And it allows businesses to weather cost increases without having to raise prices. All together, these factors drive economic growth.

Quarterly Financial Report - Second Quarter 2024 - For the period ended June 30, 2024, unaudited