Flexible Inflation Targeting Beats a Dual Mandate: Lessons for Canada’s 2026 Framework Renewal The Bank of Canada and the Government of Canada will announce the renewal of their agreement concerning the monetary control framework in 2026, and discussions are underway about what form it should take. This E-Brief makes the case for a renewed emphasis […]
 The C.D. Howe Institute’s toolkit for tracking the economy is a customized series of data sets from past Institute publications. These tools can be helpful for policymakers and other parties interested in analyzing monetary policy and financial stability decisions. These unique variables, which can all be found in past Institute work, include: The Leading […]
To: Interest rate watchersFrom: Jeremy M. Kronick and Steve AmblerDate: April 23, 2025Re: The “Great Advantage to Doing Nothing” on Interest Rates After seven straight cuts, the Bank of Canada hit pause last week and held its policy interest rate at 2.75 percent. We have argued over the last few months that the Bank needed to cut the overnight rate […]
Published in the Globe and Mail. After seven straight cuts, the Bank of Canada hit the pause button on Wednesday and held its policy interest rate at 2.75 per cent. We have argued over the last few months that the bank needed to cut the overnight rate to at least get it back to the mid-point of […]
April 10, 2025 – The C.D. Howe Institute’s Monetary Policy Council (MPC) calls for the Bank of Canada to leave its target for the overnight rate, its benchmark policy interest rate, unchanged at 2.75 percent at its next announcement on April 16th. The MPC further calls for the Bank to leave the target at 2.75 percent at […]
Shortly after the Bank of Canada began raising the overnight rate in March 2022, inflation started to move back towards its 2 percent target. However, if we exclude mortgage interest costs, which increased substantially following the rapid rise in the overnight rate, inflation returned to 2 percent much faster. In fact, inflation excluding mortgage interest […]
From: William B.P. RobsonTo: Canadian economic observersDate: March 19, 2025Re: Dollar Weakness is our Best Tariff Defence The Canadian dollar is down about 6 percent against the US dollar since September. The coincidence of its recent ups and downs with the ebb and flow of US President Donald Trump’s tariff threats shows that much of its decline reflects concern about US protectionism. […]
To:Â Interest rate watchersFrom:Â Jeremy M. Kronick and Steve AmblerDate:Â March 18, 2025Re:Â The Way Forward for Interest Rate Cuts The Bank of Canada cut its policy interest rate to 2.75 percent last week Wednesday, its seventh cut in as many announcements. Notwithstanding recent data showing a strong economy at the turn of the year, the needless trade war, […]
Published in The Globe and Mail The Bank of Canada cut its policy interest rate to 2.75 per cent on Wednesday, its seventh cut in as many announcements. Notwithstanding recent data showing a strong economy at the turn of the year, the needless trade war, the flip-flopping US policy, and the uncertainty this has caused […]
March 6, 2025 – The C.D. Howe Institute’s Monetary Policy Council (MPC) calls for the Bank of Canada to lower its target for the overnight rate, its benchmark policy interest rate, to 2.75 percent at its next announcement on March 12th. The MPC further calls for the Bank to leave its target unchanged at 2.75 percent at the […]
The Study in Brief Mortgage interest costs can undergo large swings during tightening and/or loosening cycles by the Bank of Canada. Although they have a weight of only around 5 percent in the Canadian Consumer Price Index (CPI), they can significantly affect movements in the latter as a result of these large swings. The year-over-year […]
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William B.P. Robson talks with Financial Post’s Larysa Harapyn about Prime Minister Mark Carney’s agenda moving forward.
 The C.D. Howe Institute’s toolkit for tracking the economy is a customized series of data sets from past Institute publications. These tools can be helpful for policymakers and other parties interested in analyzing monetary policy and financial stability decisions. These unique variables, which can all be found in past Institute work, include: The Leading […]
To: Interest rate watchersFrom: Jeremy M. Kronick and Steve AmblerDate: April 23, 2025Re: The “Great Advantage to Doing Nothing” on Interest Rates After seven straight cuts, the Bank of Canada hit pause last week and held its policy interest rate at 2.75 percent. We have argued over the last few months that the Bank needed to cut the overnight rate […]
Published in the Globe and Mail. After seven straight cuts, the Bank of Canada hit the pause button on Wednesday and held its policy interest rate at 2.75 per cent. We have argued over the last few months that the bank needed to cut the overnight rate to at least get it back to the mid-point of […]
April 10, 2025 – The C.D. Howe Institute’s Monetary Policy Council (MPC) calls for the Bank of Canada to leave its target for the overnight rate, its benchmark policy interest rate, unchanged at 2.75 percent at its next announcement on April 16th. The MPC further calls for the Bank to leave the target at 2.75 percent at […]
Shortly after the Bank of Canada began raising the overnight rate in March 2022, inflation started to move back towards its 2 percent target. However, if we exclude mortgage interest costs, which increased substantially following the rapid rise in the overnight rate, inflation returned to 2 percent much faster. In fact, inflation excluding mortgage interest […]
From: William B.P. RobsonTo: Canadian economic observersDate: March 19, 2025Re: Dollar Weakness is our Best Tariff Defence The Canadian dollar is down about 6 percent against the US dollar since September. The coincidence of its recent ups and downs with the ebb and flow of US President Donald Trump’s tariff threats shows that much of its decline reflects concern about US protectionism. […]
The Study in Brief Mortgage interest costs can undergo large swings during tightening and/or loosening cycles by the Bank of Canada. Although they have a weight of only around 5 percent in the Canadian Consumer Price Index (CPI), they can significantly affect movements in the latter as a result of these large swings. The year-over-year […]