News

• January 25, 2023

  Monetary Policy Report Press Conference Opening Statement

  Opening statement Tiff Macklem Ottawa, Ontario

  Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

  Content Type(s): Press, Speeches and appearances, Opening statements
• January 25, 2023

  Bank of Canada increases policy interest rate by 25 basis points, continues quantitative tightening

  Media Relations Ottawa, Ontario

  The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%.

  Content Type(s): Press, Press releases
• January 25, 2023

  Monetary Policy Report – January 2023

  

  Inflation in Canada is still too high but has declined from its peak. As the effects of higher interest rates continue to spread through the economy, and with declines in energy prices and improved supply chains, inflation is projected to fall to around 3% in the middle of 2023 and reach the 2% target in 2024.

  Content Type(s): Publications, Monetary Policy Report
• January 16, 2023

  Bank of Canada announces appointment of non-executive Deputy Governor

  Media Relations Ottawa, Ontario

  The Board of Directors of the Bank of Canada today announced the appointment of Nicolas Vincent as the Bank’s new external, non-executive Deputy Governor for a term of two years, effective March 13, 2023.

  Content Type(s): Press, Press releases
• January 16, 2023

  Business Outlook Survey—Fourth Quarter of 2022

  Results from the fourth-quarter 2022 Business Outlook Survey and the Business Leaders’ Pulse surveys from October 2022 through January 2023 show that business sentiment has continued to weaken. As a result of rising interest rates, firms’ sales expectations and investment plans are softening. Capacity pressures have moderated from elevated levels. In this context, firms expect a slower pace of price increases.

  Content Type(s): Publications, Business Outlook Survey
• January 16, 2023

  Canadian Survey of Consumer Expectations—Fourth Quarter of 2022

  Results of the fourth-quarter survey show that consumers have reduced their purchases of a broad range of goods and services in response to rising inflation and increases in interest rates. High food prices are a particular source of frustration for households. Most consumers anticipate a mild or moderate recession in the next 12 months. And although labour markets continue to be strong, some early signals suggest consumers think this strength will fade. Meanwhile, short-term inflation expectations remain elevated this quarter, but consumers have varied opinions about where inflation will be in five years. More people than before the pandemic expect deflation.

  Content Type(s): Publications, Canadian Survey of Consumer Expectations
• December 21, 2022

  Call for papers: Themed issue in the Journal of Econometrics

  A themed issue in the Journal of Econometrics invites paper submissions on “Machine learning for economic policy” by May 31, 2023.

  Content Type(s): Press, Announcements
• 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 Topic(s): Coronavirus disease (COVID-19), Inflation and prices, Interest rates, International topics, Monetary policy, Recent economic and financial developments
• December 9, 2022

  Bank of Canada announces finalists for the eighth annual Governor’s Challenge

  The Bank of Canada has announced the five finalist teams in the 2022–23 edition of The Governor’s Challenge, a competition where university students simulate the role of advisor to the Bank’s Governing Council.

  Content Type(s): Press, Announcements Source(s): The Governor's Challenge
• 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 Topic(s): Inflation and prices, Interest rates, Monetary policy and uncertainty