External Deputy Governor Nicolas Vincent provided an inside look at how the Bank of Canada’s Governing Council reaches its monetary policy decisions. Speaking to the Chambre de commerce et industrie de Sherbrooke, Vincent detailed the comprehensive process undertaken by the council.
The Bank of Canada has released a summary of the deliberations by its Governing Council that led to the monetary policy decision on September 4, 2024. This account provides insight into the discussions held during stage three of the Bank's monetary policy decision-making process, which occurs after members have received all staff briefings and recommendations.
Governor Tiff Macklem addressed the Canada-UK Chamber of Commerce in London, United Kingdom, discussing how geopolitical, economic, and social forces are transforming global trade. He highlighted the benefits of open trade post-World War II and emphasized its importance for small open economies like Canada. However, he noted that global trade growth has slowed over the past 15 years due to changing production dynamics, geopolitical tensions, and waning public support.
The Bank of Canada has announced the nomination period for its 2025 Governor's Award, inviting Canadian universities to nominate exceptional academics. For this period, applications for the Fellowship Award are not being accepted as all awards are currently held.
The Bank of Canada today reduced its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is continuing its policy of balance sheet normalization.
On September 4, 2024, a press conference was held to discuss the latest monetary policy decision. The event featured Senior Deputy Governor Carolyn Rogers and included an announcement of a 25 basis point reduction in the policy interest rate, bringing it down to 4.25%. This marks the third consecutive decrease since June.
The Canada Border Services Agency (CBSA) team has been awarded the Bank of Canada counterfeit deterrence award. The recipients, Darren Ouderkirk, Stéphane Legault, Philippe Sincennes, and Jacquie Gawlina, collaborated with the Bank of Canada and the Royal Canadian Mounted Police’s National Anti-Counterfeiting Bureau.
The Bank of Canada announced today the names of three external experts who will provide an independent assessment of its review of exceptional policy actions taken during the COVID-19 pandemic.
The Bank of Canada today published its 2025 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year.
The results of the second-quarter 2024 Market Participants Survey, conducted from June 19 to 28, are based on questionnaire responses from approximately 30 financial market participants. The survey offers insights into various economic forecasts and perceptions.
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss the July Monetary Policy Report (MPR) and today’s policy announcement.
The Bank of Canada has reduced its target for the overnight rate by 25 basis points to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The central bank continues its policy of balance sheet normalization.
Monetary policy is working to reduce price pressures in the Canadian economy. Core inflation is expected to ease gradually, while the path of CPI inflation will be bumpy. Inflation returns sustainably to the 2% target in the second half of 2025.
The Canadian Survey of Consumer Expectations for the second quarter of 2024 was conducted through an online panel from April 26 to May 15, with follow-up phone interviews taking place from May 14 to May 23. The survey results indicate that consumers' perceptions of inflation remain unchanged from the previous quarter, but their expectations for inflation over the next 12 months have declined significantly. Despite this improvement, both measures are still higher than pre-pandemic levels.
The Business Outlook Survey for the second quarter of 2024, conducted by in-person, video, and phone interviews from May 9 to 29, reveals that firms' sales outlooks remain mostly unchanged from the previous quarter and continue to be more pessimistic than average. Businesses tied to discretionary spending report particularly weak sales expectations, while those associated with essential spending see population growth benefiting their sales.
Governor Tiff Macklem addressed the Winnipeg Chamber of Commerce, discussing the labour market's adjustment to higher interest rates and slower economic growth. He emphasized the importance of a strong, inclusive labour market for long-term growth.
Deputy Governor Sharon Kozicki emphasized the importance of central bank transparency and accountability in a recent address to the Canadian Association for Business Economics. She reviewed the Bank of Canada's exceptional monetary policy measures during the COVID-19 pandemic and analyzed their effectiveness.
Good afternoon. It’s always great to be back in Montréal, my hometown. And I could not be more pleased to be here with Joachim Nagel, President of the Deutsche Bundesbank. Thank you for visiting us in Canada.
On June 5, 2024, a press conference was held to discuss the latest monetary policy decision. Senior Deputy Governor Carolyn Rogers joined the discussion.
The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization.