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Inflation in Canada remains high but should come down quickly to around 3% in the middle of this year because of lower energy prices, improved supply chains and restrictive monetary policy. The Bank projects that inflation will reach the 2% target by the end of 2024.
Economic Progress Report — Deputy Governor Paul Beaudry speaks before the Greater Victoria Chamber of Commerce (15:25 (ET) approx.).
These forecasts are provided to Governing Council in preparation for monetary policy decisions. They are released once a year with a five-year lag.
10:30 (ET)The Senior Loan Officer Survey collects information on the business-lending practices of Canadian financial institutions.
A summary of monetary policy deliberations by the Governing Council for the policy decision that was announced two weeks earlier.
11:00 (ET)The Governor and the Senior Deputy Governor hold a press conference to discuss the contents of the Report.
On eight scheduled dates each year, the Bank of Canada issues a press release announcing its decision for the overnight rate target, together with a short explanation of the factors influencing the decision. Four times a year, the Bank of Canada’s Governing Council presents the Bank’s base-case projection for inflation and growth in the Canadian economy, and its assessment of risks.
The Business Outlook Survey is a summary of interviews conducted by the Bank's regional offices with business leaders from about 100 firms, selected in accordance with the composition of Canada's gross domestic product. The Canadian Survey of Consumer Expectations (CSCE) is a quarterly survey aimed at measuring household views of inflation, the labour market and household finances, as well as topical issues of interest to the Bank of Canada.