Interest rates

• December 12, 2022

  Reflections on 2022

  Speech summary Tiff Macklem Business Council of British Columbia Vancouver, British Columbia

  Governor Tiff Macklem discusses the important lessons from events in 2022 and what the Bank is doing to restore price stability for Canadians.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Coronavirus disease (COVID-19), Inflation and prices, Interest rates, International topics, Monetary policy, Recent economic and financial developments
• December 8, 2022

  Economic progress report: More transparency in uncertain times

  Remarks Sharon Kozicki Urban Development Institute of Quebec Montréal, Quebec

  Speaking a day after the Bank of Canada’s latest interest rate decision, Deputy Governor Sharon Kozicki discusses the current state of the economy and talks about how the Bank is improving both its use of data and the way we communicate with Canadians.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Inflation and prices, Interest rates, Monetary policy and uncertainty
• December 8, 2022

  Helping Canadians better understand our decisions

  Speech summary Sharon Kozicki Urban Development Institute of Quebec Montréal, Quebec

  Speaking a day after the Bank of Canada decided to raise our policy interest rate, Deputy Governor Sharon Kozicki discusses the current state of the economy. She also talks about how we are improving our transparency with Canadians.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Inflation and prices, Interest rates, Monetary policy and uncertainty

• Variable-rate mortgages with fixed payments: Examining trigger rates

  Staff Analytical Note 2022-19 Stephen Murchison, Maria teNyenhuis

  We estimate the share of variable-rate mortgages with fixed payments that reached the so-called trigger rate—the interest rate at which mortgage payments no longer cover the principal. Amid rising interest rates, this share was close to 50% at the end of October 2022 and could potentially reach 65% in 2023.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Credit and credit aggregates, Financial institutions, Interest rates, Recent economic and financial developments JEL Code(s): D, D1, E, E4, E5, G, G2, G21
• November 10, 2022

  Getting back to stable prices and a balanced jobs market

  Speech summary Tiff Macklem Public Policy Forum Toronto, Ontario

  Governor Tiff Macklem discusses the relationship between inflation and employment and how the Bank of Canada is working to cool an overheated economy.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, Labour markets, Monetary policy, Monetary policy framework, Potential output, Price stability, Productivity, Recent economic and financial developments
• November 10, 2022

  Restoring labour market balance and price stability

  Remarks Tiff Macklem Public Policy Forum Toronto, Ontario

  Governor Tiff Macklem outlines the link between high inflation and tight labour markets. He explains how the Bank is working to rebalance the labour market and discusses how structural changes may influence the supply of workers in Canada.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Interest rates, Labour markets, Monetary policy, Monetary policy framework, Potential output, Price stability, Productivity, Recent economic and financial developments
• October 6, 2022

  What’s happening to inflation and why it matters

  Remarks Tiff Macklem Halifax Chamber of Commerce Halifax, Nova Scotia

  Governor Tiff Macklem discusses how inflation has evolved in recent months and explains what the Bank is watching as it takes action to return inflation to target.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Price stability, Recent economic and financial developments, Service sector
• October 6, 2022

  Restoring price stability for all Canadians

  Speech summary Tiff Macklem Halifax Chamber of Commerce Halifax, Nova Scotia

  Governor Tiff Macklem explains how inflation in Canada reflects more and more what’s happening with domestic demand and what the Bank is watching as it works to bring inflation back to the 2% target.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Central bank research, Coronavirus disease (COVID-19), Domestic demand and components, Expectations, Inflation and prices, Inflation: costs and benefits, Interest rates, Labour markets, Monetary policy, Monetary policy and uncertainty, Price stability, Recent economic and financial developments, Service sector

• House Price Responses to Monetary Policy Surprises: Evidence from the U.S. Listings Data

  Staff Working Paper 2022-39 Denis Gorea, Oleksiy Kryvtsov, Marianna Kudlyak

  Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Housing, Inflation and prices, Interest rates, Monetary policy transmission JEL Code(s): E, E5, E52, R, R2, R21, R3, R31
• September 8, 2022

  Getting inflation back to normal

  Speech summary Carolyn Rogers Calgary Economic Development Calgary, Alberta

  Speaking a day after the Bank of Canada raised interest rates, Senior Deputy Governor Carolyn Rogers discusses where the economy stands and what the Bank is doing to get inflation back under control.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Domestic demand and components, Expectations, Inflation and prices, Interest rates