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This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on January 29, 2025.

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

Economic growth has ticked up in Canada, boosted by past cuts in interest rates. In the absence of new tariffs, growth is forecast to strengthen, and inflation remains close to 2%. But the threat of new tariffs is causing major uncertainty.

Results from the Business Outlook Survey and the Business Leaders’ Pulse show that overall business conditions remain subdued, but firms are beginning to anticipate improvements in activity. Sales outlooks continue to show signs of improvement after a period of weakness. Yet many businesses still have spare capacity, which is reducing their need to expand. Firms expect cost growth, including wages, to soften further. Expectations for inflation moved slightly higher but remain within the Bank of Canada’s target range.

Results from the CSCE show that consumer sentiment improved this quarter, mainly due to recent interest rate cuts and the expectation of further cuts ahead. Consumers reported stronger spending plans. Still, they reported that high prices of many goods and services, economic uncertainty and elevated housing costs continue to weigh on spending decisions. Consumer confidence in the labour market has weakened and is now slightly below the survey average. Consumers’ inflation expectations have largely returned to historical norms.

This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on December 11, 2024.

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.