Summary Of Deliberations

The Bank of Canada on Wednesday announced its widely expected decision to lower interest rates once again, cutting rates by a quarter point for the second consecutive meeting. The Canadian central bank said it reduced its target for the overnight rate by 25 basis points to 2.25 percent, with the Bank Rate at 2.5 percent and the deposit rate at 2.20 percent. After leaving interest rates unchanged for three straight meetings, the Bank of Canada on Wednesday announced its widely expected decision to lower rates by a quarter point. The Bank of Canada said it decided to reduce its target for the overnight rate by 25 basis points to 2.5 percent, with the Bank Rate at 2.75 percent and the deposit rate at... In a widely expected move, the Bank of Canada on Wednesday announced that it has once again decided to leave interest rates unchanged. The Bank of Canada said it decided to maintain its target for the overnight rate at 2.75 percent, with the Bank Rate at 3 percent and the deposit rate at 2.70 percent.

It's a detailed record of the BOC's Governing Council's most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates; Source first released in Jan... Governing Council members began their deliberations by discussing global economic developments since the July Monetary Policy Report. The impact of US protectionism on major economies around the world had become clearer. Trade flows had begun to shift, and ongoing trade uncertainty had weighed on investment in most advanced economies. Even so, global growth was resilient but was expected to slow over the next two years. Economic growth in the United States remained strong even with higher tariffs on imports.

Members attributed much of this strength to the boom in artificial intelligence (AI) investment. US consumer spending was robust overall, contributing to this strength. Consumption was likely supported by segments of the population who have benefited from buoyant equity markets. Employment growth had slowed, and tariffs were beginning to push up US consumer prices. After growth in US gross domestic product (GDP) rebounded in the second quarter of 2025, members expected it to moderate in the second half of the year and in 2026. Growth in the euro area was expected to moderate in the second half of 2025 because of weaker exports and slower domestic demand growth.

Fiscal spending on defence and infrastructure could provide some support going forward. In China, growth was robust, boosted by strong government support for households and an increase in exports to other (non-US) countries, replacing lost exports to the United States. However, a sharp decline in investment was expected to contribute to slightly slower growth over the next two years. Members noted that slower-than-expected GDP growth in China could translate into weaker demand and lower prices for raw materials exported by Canada. BoC: Members expressed concern that weakness in the labour force could persist and broaden - Minutes. BoC: Members had a range of views about the timing of the cut but arguments for a move in October were considered more important - Minutes.

BoC Meeting Minutes: Some members felt waiting would provide them with more information about economy, jobs and inflation. This is an account of the deliberations of the Bank of Canada�s Governing Council leading to the monetary policy decision on September 17, 2025. This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank�s monetary policy decision-making process. This stage takes place after members have received all staff briefings and recommendations. Governing Council�s policy decision-making meetings began on September 12, 2025. The Governor presided over these meetings.

Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers and Deputy Governors Toni Gravelle, Sharon Kozicki, Nicolas Vincent, and Michelle Alexopoulos. Deputy Governor Rhys Mendes did not attend. BoC Meeting Minutes: Members reviewed a broad range of inflation indicators and agreed they continued to point to underlying inflation of around 2.5%. Experts Say Household Spending Will Continue To Boost Growth, Supporting Slight Expansion As Previously Estimated, But Warn That Trade Disruptions Could Add Costs With Uncertain Timing, Magnitude, And Inflation Effects. Ahead of the Bank of Canada's July 30 interest rate decision, governors were divided on how much monetary policy could aid growth under current economic conditions, minutes of the meeting showed on Wednesday. The BoC kept its key policy rate unchanged at 2.75% for the third time in a row but said it could cut rates if the economy weakened as a result of U.S.

tariffs and inflationary pressures were kept under control. "Monetary policy works to control inflation by influencing demand and is not well suited to shocks that push prices up ... Governing Council members began their deliberations by discussing global economic developments. As in June, the focus of the discussion was ongoing tariffs and trade negotiations between the United States and other countries. Some important trade agreements had been announced, notably with Japan and the European Union, and the risk of an escalating and protracted global trade war had diminished. While uncertainty was still very high, it was clear that the United States is no longer willing to engage in free and open trade.

Members discussed the implications of this shift for economic growth going forward as trade is reconfigured and companies adjust to new trading relationships. Members agreed that, so far, the global economy had shown more resilience to the trade turmoil than had been expected. Data at the time of the deliberations showed that in the United States, domestic demand was being held up by a solid labour market, investment related to artificial intelligence, and a recovery in equity... However, US growth had been moderating�household spending had slowed with greater uncertainty about trade policy weighing on consumer confidence. China�s growth had also slowed, although higher exports to other countries compensated for lower exports to the United States. Growth in the euro area had moderated, reflecting slower growth in domestic demand.

Members discussed recent financial conditions, which had recovered strongly since the turmoil in April. They noted that equity and other risk asset prices were back up to levels seen at the beginning of the year, apparently responding to markets� assessments that tariffs and their impacts would be less... Longer-term government bond yields were also up in many countries because of high current and anticipated sovereign debt issuance and revised expectations about the degree of monetary policy easing. The Canadian dollar had strengthened against the US dollar but weakened against other currencies. BoC Minutes: Some Saw Stimulus As Sufficient Before July 30 Rate Call BoC Minutes: Others Backed More Stimulus; Council Debated Policy Role In Economic Upheaval BoC Minutes: Council Wants More Clarity; Inflation Expectations Still... Welcome to your bookmarks menu.

You can archive any research you find interesting here for easy reference in the future. Just click on the bookmark icon located near the title of the publication and it will appear here. Benjamin has been with the Bank of Montreal nearly two decades. He is re-sponsible for the Canadian macro-econom... (Read more) Benjamin has been with the Bank of Montreal nearly two decades.

He is re-sponsible for the Canadian macro-econom... (Read more) The Summary of Deliberations from the Bank of Canada's September 4 meeting didn't provide any new compelling information and were consistent with the tone from the policy statement and Governor Macklem's press conference. The risks highlighted were straightforward: 1) lower rates could juice growth, prompting slower cuts; or 2) growth stays soft or softens further and accelerates cuts. The governing council fretted that the economy and employment might not pick up as anticipated You can save this article by registering for free here.

Or sign-in if you have an account. The Bank of Canada is carefully weighing both upside and downside risks to the economy as it attempts to calibrate the pace of interest rate cuts, according to a summary of its deliberations released... Subscribe now to read the latest news in your city and across Canada. Subscribe now to read the latest news in your city and across Canada. This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on June 4, 2025. This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank’s monetary policy decision-making process.

This stage takes place after members have received all staff briefings and recommendations. Governing Council’s policy decision-making meetings began on May 30, 2025. The Governor presided over these meetings. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers and Deputy Governors Toni Gravelle, Sharon Kozicki, Nicolas Vincent, Rhys Mendes and Michelle Alexopoulos. Governing Council members began their deliberations by discussing global economic developments since the April Monetary Policy Report. The United States continued to add and roll back tariffs on many of its trading partners.

Nevertheless, the risk of a prolonged global trade war with very high tariffs had diminished since the April policy decision. The trade war between the United States and China had cooled off—tariff rates had been lowered substantially but not removed—and the US administration was negotiating trade deals with many countries. Despite this de-escalation, members agreed that US tariffs had increased substantially since the start of the year, US trade policy remained unpredictable, and uncertainty was high. Members acknowledged that the global economy remained resilient despite the significant uncertainty posed by tariffs. In the United States, domestic demand remained robust, growing at about 2.5% in the first quarter. Consumer spending grew modestly in the first quarter.

Data on personal consumption expenditures through April suggested consumption would strengthen in the second quarter, despite historically low levels of consumer sentiment. The solid labour market was supporting income and spending. Inflation in the United States had been easing gradually, in line with expectations, but the impact of tariffs had only begun to appear in the data. This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on October 23, 2024. This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank’s monetary policy decision-making process. This stage takes place after members have received all staff briefings and recommendations.

Governing Council’s policy decision-making meetings began on October 15, 2024. The Governor presided over these meetings. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers and Deputy ... (full story) Forex Factory® is a brand of Fair Economy, Inc.

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