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

The Bank of Canada today released its April Monetary Policy Report, which reviews economic and financial trends in the context of Canada's inflation-control strategy.

Consumers believe inflation has fallen, but their expectations for inflation in the near term are showing little progress in returning to pre-pandemic levels. Slow progress may be due to persistently high inflation expectations for services such as rent. In addition, consumers increasingly think domestic factors, such as high government spending, are supporting high inflation, and they believe these factors will take longer to resolve than global factors. Consumers have adjusted their behaviour in response to prolonged high inflation—more people are paying attention to inflation and changing their spending habits. However, actions that may support inflation, such as seeking wage increases to offset it, are dissipating. The negative effects of high interest rates are broadening, and indicators of household financial stress are deteriorating. Consumers remain uncertain about the economic outlook, and this uncertainty is weighing on their spending plans. Workers think the labour market has weakened slightly. However, expectations for wage growth remain high, supported by cost-of-living adjustments in some workers’ wage contracts.

The Canadian economy is adjusting to steep US tariffs on several industries and coping with elevated uncertainty. Tariffs have led to a fall in the demand for Canadian goods, affecting the broader economy. The reconfiguration of global trade and domestic production is also leading to higher costs. Total inflation has been around 2%, while underlying inflation has continued to be about 2½%.

The Canadian economy continues to adjust to developments in the global economy, such as stronger world demand, higher commodity prices, and the realignment of world currencies, including the Canadian dollar.

Find exchange rates, interest rates, price indexes, economic indicators and other statistical information.

This supervisory policy explains the one-time fee applicants must pay when submitting an application to register as a payment service provider with the Bank.

In his first speech, Governor Tiff Macklem explains how the Bank’s commitment to low, stable and predictable inflation has guided our actions during COVID-19.

The winter Business Outlook Survey provides some positive signs for the economic outlook, notably for exports and investment, although responses do not yet appear to suggest a significant strengthening. For many businesses, weak demand and domestic uncertainty continue to temper sales expectations and expansion plans.

US tariffs are significantly higher than they were at the start of 2025, and US trade policy remains unpredictable. Inflation is near 2%, although underlying price pressures have picked up. With uncertainty about US trade policy still high, the outlook for the Canadian economy remains clouded.