November 5, 2025 Opening Statement before the House of Commons Standing Committee on Finance Opening statement Tiff Macklem House of Commons Standing Committee on Finance Ottawa, Ontario Content Type(s): Press, Speeches and appearances, Opening statements
November 5, 2025 Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada On Wednesday, November 5, 2025, the Governor of the Bank of Canada, Tiff Macklem, will appear before the House of Commons Standing Committee on Finance. He will be accompanied by Senior Deputy Governor Carolyn Rogers. Content Type(s): Press, Media advisories
November 4, 2025 Summary of comments—Fall 2025 Debt Management Strategy consultations Today, the Fall 2025 Debt Management Strategy Consultations Summary is being published, following the release of the Government of Canada’s 2026–27 Debt Management Strategy. Content Type(s): Press, Market notices
Non-homothetic Preferences and the Demand Channel of Inflation Staff Working Paper 2025-30 Stephen Murchison An alternative to the standard CES aggregator, based on non-homothetic household preferences, is proposed. Specifically, the elasticity of substitution between goods declines during periods of strong per-capita consumption and vice versa, giving firms an incentive to adjust their desired markup in response to the state of demand. Empirical evidence favouring a direct role for per-capita consumption demand in inflation determination for Canada is presented. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Inflation and prices, Market structure and pricing JEL Code(s): E, E2, E27, E5, E52, Q, Q4, Q43, Q5, Q58
Net Send Limits in the Lynx Payment System: Usage and Implications Staff Discussion Paper 2025-13 Virgilio B Pasin, Anna Wyllie We study how participants in the Lynx payment system use the net send limit (NSL) tool to control their intraday payment outflow levels. Our results show that participants typically adopt a “set it and forget it” approach to scheduling NSLs and sometimes have distinct intraday NSL adjustment behaviours. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial institutions, Payment clearing and settlement systems, Recent economic and financial developments JEL Code(s): C, C1, C10, D, D8, D82, E, E4, E42, E5, E58, G, G2, G21, G4, G41
November 3, 2025 Fireside Chat: Tiff Macklem, Governor 13:30 (ET) Toronto, Ontario Content Type(s): Upcoming events
November 3, 2025 Fireside chat with Tiff Macklem, Governor of the Bank of Canada On Monday, November 3, 2025, Tiff Macklem, Governor of the Bank of Canada, will participate in a fireside chat at The Logic Summit. Content Type(s): Press, Media advisories
Demand-Driven Risk Premia in Foreign Exchange and Bond Markets Staff Working Paper 2025-29 Ingomar Krohn, Andreas Uthemann, Rishi Vala, Jun Yang We show how Treasury demand shocks transmit to foreign exchange and bond markets globally. Higher Treasury demand weakens the U.S. dollar and raises foreign bond prices, with effects persisting for two weeks. The transmission varies predictably across countries based on their monetary policy alignment with the United States. Content Type(s): Staff research, Staff working papers Research Topic(s): Asset pricing, Exchange rates, Interest rates, International financial markets, Market structure and pricing JEL Code(s): F, F3, F30, F31, G, G1, G12, G15