Money Talks: How Foreign and Domestic Monetary Policy Communications Move Financial Markets Staff Working Paper 2025-33 Rodrigo Sekkel, Henry Stern, Xu Zhang We construct a dataset on Federal Reserve and Bank of Canada non-rate announcement events to provide novel insights into how foreign and domestic monetary policy communications affect the financial markets of open economies. We find that Fed non-rate communications have a stronger impact on long-term interest rates and stock futures, while Bank of Canada communications are relatively more important for short-term interest rates and the exchange rate. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Central bank research, Exchange rates, Financial markets, Interest rates, International financial markets, Monetary policy JEL Code(s): E, E5, E52, F, F3, F31, G, G1, G15
November 12, 2025 Publication: Summary of Deliberations 13:30 (ET)A summary of monetary policy deliberations by the Governing Council for the policy decision that was announced two weeks earlier. Content Type(s): Upcoming events
November 12, 2025 Summary of Governing Council deliberations: Fixed announcement date of October 29, 2025 This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on October 29, 2025. Content Type(s): Publications, Summary of deliberations
November 12, 2025 Release of the Bank of Canada’s summary of deliberations On Wednesday, November 12, 2025, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on October 29, 2025. Content Type(s): Press, Media advisories
November 10, 2025 Market Participants Survey—Third Quarter of 2025 The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants. Content Type(s): Publications, Market Participants Survey
November 10, 2025 Release: Market Participants Survey 10:30 (ET) The Market Participants Survey is conducted quarterly. Bank of Canada staff reach out to a diverse set of participants in financial markets to gather their views on key macroeconomic and financial variables as well as on monetary policy. Content Type(s): Upcoming events
A Market-Based Approach to Reverse Stress Testing the Financial System Staff Working Paper 2025-32 Javier Ojea Ferreiro This article examines what market conditions lead to extreme losses in global financial systems. Using a reverse stress testing approach, it introduces two measures of systemic risk by starting from the tail losses and working backward to identify the events most closely associated with them. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Financial stability JEL Code(s): C, C0, C02, C3, C32, C5, C58, G, G2, G21
November 6, 2025 Bank of Canada webcasts The John Kuszczak Memorial Lecture On Thursday, November 6, 2025, the Bank of Canada will host its annual economic conference. This year’s theme is “Central Banking and the Future of Payments”. Academics, policy-makers, private sector economists and representatives from policy think tanks will be among those in attendance. Content Type(s): Press, Media advisories
November 6, 2025 The John Kuszczak Memorial Lecture 14:00 (ET) Ottawa, Ontario Content Type(s): Upcoming events