The premium on “on-the-run” Treasuries is an anomaly. I explain it using a model in which primary dealers hold inventories of Treasuries. I use the model to analyze the effects of granting access to ...

The Market Participants Survey results are based on questionnaire responses from about 30 financial market participants.

On September 8, 2025, the Bank of Canada will begin to publish a list of Payment Service Providers (PSPs) that have been registered under the Retail Payment Activities Act, as well as the names of ...

Governor Tiff Macklem discusses how the trade conflict with the United States has affected the Canadian economy. He explains that restoring open trade is critical for jobs and growth, and important ...

Deputy Governor Sharon Kozicki talks about how the Bank of Canada is using non-traditional data to better inform its monetary policy decisions.

Business conditions have deteriorated due to the trade conflict with the United States, according to results from the Business Outlook Survey and the Business Leaders’ Pulse. Sales outlooks have ...

What structural change looks like The economic consequences of a protracted trade conflict would be severe. But it would be a very different shock than the COVID‑19 shock. In the pandemic, we had a ...

Results from the Business Outlook Survey and the Business Leaders’ Pulse show that overall business conditions remain subdued, but firms are beginning to anticipate improvements in activity. Sales ...

Governor Tiff Macklem reflects on the lessons learned from the pandemic and its aftermath and outlines how the Bank is preparing for the challenges of the future.

Deputy Governor Rhys Mendes discusses how monetary policy worked to bring inflation back down to target and why the Bank wants inflation to stay close to 2%.

Senior Deputy Governor Carolyn Rogers looks at the mortgage market in Canada—past, present and future.