Speaking after the decision to maintain the policy interest rate at 2.75%, Deputy Governor Sharon Kozicki of the Bank of Canada emphasized the importance of using diverse data sources and engaging with Canadians to make informed economic decisions.
Kozicki highlighted that while traditional data on inflation, jobs, and housing provide a broad overview, they often reflect past events. Non-traditional data sources offer timely insights into underlying trends, especially during uncertain times. For instance, during the COVID-19 pandemic, data from restaurant reservations, flight bookings, and credit card transactions helped track real-time shifts in consumer spending.
Currently, to assess the impact of tariffs, the Bank is examining changes in cross-border truck traffic and shipping volumes. Surveys like the quarterly Business Outlook Survey (BOS), monthly Business Leaders’ Pulse (BLP), and Canadian Survey of Consumer Expectations also contribute valuable insights into economic trends.
The Bank’s Governing Council actively engages with businesses and industry groups across Canada to gather firsthand accounts of how tariffs and uncertainty affect different sectors. This outreach extends to Indigenous Peoples, labor unions, public officials, and social services organizations.
“Speaking face-to-face with people turns facts and figures into a more complete narrative of how the economy is evolving,” said Kozicki.
Building trust with Canadians remains a priority for the Bank as it strives to keep inflation low and stable amid ongoing economic challenges. “As we navigate this uncertainty, my colleagues and I will continue reaching out to those we serve. When Governing Council is better informed, we make better decisions—for you, and for all your fellow Canadians.”
