April 16, 2025 Monetary Policy Report—January 2025—Canadian economy—Current conditions Inflation was near the 2% target in the fourth quarter of 2024, and interest rate cuts had bolstered economic growth. But since then, the trade conflict has intensified. Trade uncertainty and tariffs are expected to slow growth and add to price pressures.
December 2, 2002 Canadian Foreign Exchange Market Liquidity and Exchange Rate Dynamics Financial System Review - December 2002 Chris D'Souza Content Type(s): Publications, Financial System Review articles
January 16, 2023 Business Outlook Survey—Fourth Quarter of 2022 Results from the fourth-quarter 2022 Business Outlook Survey and the Business Leaders’ Pulse surveys from October 2022 through January 2023 show that business sentiment has continued to weaken. As a result of rising interest rates, firms’ sales expectations and investment plans are softening. Capacity pressures have moderated from elevated levels. In this context, firms expect a slower pace of price increases. Content Type(s): Publications, Business Outlook Survey
September 8, 2022 Economic progress report: Restoring price stability Remarks Carolyn Rogers Calgary Economic Development Calgary, Alberta Senior Deputy Governor Carolyn Rogers provides an economic update and discusses why the Bank is raising rates fast to tackle high inflation. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
June 10, 2021 The digital transformation and Canada’s economic resilience Remarks (delivered virtually) Timothy Lane Advocis Western Canada Chapters Edmonton, Alberta, Vancouver, British Columbia, Winnipeg, Manitoba Deputy Governor Tim Lane talks about the Bank’s latest interest rate announcement and discusses how the digital transformation has supported resilience through the pandemic and may be adding to the economy’s growth potential. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Digital currency, Financial system, Fintech, Monetary policy, Economy/Economic growth, Inflation targeting framework
September 23, 2025 Global trade, capital flows and Canada’s prosperity Remarks Tiff Macklem Saskatchewan Trade and Export Partnership and the Greater Saskatoon Chamber of Commerce Saskatoon, Saskatchewan Governor Tiff Macklem discusses four megatrends that are transforming the global economic and financial landscape. He outlines how US tariffs are affecting the Canadian economy and what structural changes are needed to ensure Canada’s prosperity. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Financial stability, Monetary policy, Economy/Economic growth
July 30, 2025 Monetary Policy Report—July 2025—Canadian economy—Current conditions Canadian economic activity has slowed considerably because of the trade conflict but is showing signs of resilience. While inflation is close to 2%, underlying inflation has risen to about 2½%.
November 17, 2016 Commodity Price Supercycles: What Are They and What Lies Ahead? Bank of Canada Review - Autumn 2016 Bahattin Buyuksahin, Kun Mo, Konrad Zmitrowicz Because commodity prices help determine Canada’s terms of trade, employment, income and, ultimately, inflation, it is important to understand what causes them to fluctuate. Since the early 1900s, there have been four commodity price supercycles—which we define as extended periods of boom and bust that can take decades to complete. Now in its downswing phase, the current supercycle started after growth in China and other emerging-market economies in the mid-1990s resulted in an unexpected demand shock. The extent of this downswing depends on numerous factors that are presently uncertain. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): C, C1, Q, Q1, Q4, Q41
May 7, 2012 Monetary Policy Decision-Making at the Bank of Canada Remarks John Murray Mortgage Brokers Association of B.C. Vancouver, British Columbia Deputy Governor John Murray discusses monetary policy decision-making at the Bank of Canada. Content Type(s): Press, Speeches and appearances, Remarks
The Neutral Rate in Canada: 2019 Update Staff analytical note 2019-11 Thomas J. Carter, Xin Scott Chen, José Dorich This note provides an update on Bank of Canada staff’s assessment of the Canadian neutral rate. The neutral rate is the policy rate needed to keep output at its potential level and inflation at target once the effects of any cyclical shocks have dissipated. This medium- to long-run concept serves as a benchmark for gauging the degree of monetary stimulus provided by a given policy setting. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, E40, E43, E5, E50, E52, E58, F, F4, F41 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission