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We break down the exchange rate based on an explicit link between fixed income and currency markets. We isolate a foreign exchange risk premium and show it is the main driver of the exchange rate between the Canadian and US dollars, especially on monetary policy and macroeconomic news announcement days.

Sparks at Bank features insights and analysis from Bank of Canada economists and researchers. It takes its name from the intersection of Sparks and Bank streets in Ottawa where the Bank’s head office is located.

We supervise payment service providers under the Retail Payment Activities Act. We make sure providers meet risk management requirements and keep your funds safe. Payment service providers are required to register with the Bank and to comply with requirements for operational risk management and safeguarding end-user funds.

Discover the artistry of the $10 note that spotlights the Canadian Rockies and The Canadian train.

This report discusses the decision not to designate the Automated Clearing Settlement System as a systemically important system, as well as some of the research contributing to that decision.

Consumers’ perceptions of current inflation remain elevated and are diverging from actual inflation. Perceptions of high inflation are also leading to persistently high expectations for inflation over the next 12 months. Consumers’ expectations for interest rates one year from now also remain high, and many consumers believe that the impacts of higher interest rates on their household spending are far from over. Homeowners with a variable-rate mortgage are more likely than other consumers to report being worse off due to high interest rates. Consumers’ plans to purchase services, such as vacations or concerts, are more widespread than plans to make major purchases of goods that are likely to be financed with loans, such as vehicles or appliances. Workers are reporting signs of job market cooling, such as more time spent looking for a new job, but they remain confident about the labour market.

This paper examines the reliability of survey data on business incomes, valuations, and rates of return, which are key inputs for studies of wealth inequality and entrepreneurial choice.

Canada’s large banks have grown more resilient. They remain well positioned to support the economy and the financial system even if conditions deteriorate.

As you know, many institutions, both governmental and private, are currently concerned about governance structures, accountability and rules of behaviour.