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The Market Participants Survey results are based on questionnaire responses from about 28 financial market participants.

The Canadian economy is expected to grow at a moderate pace as it continues to adjust to US tariffs. Inflation has moved up due to higher oil prices linked to the war in the Middle East. It is projected to then ease back to the 2% target in 2027.

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.