Council Reports

Aug 31

C.D. Howe Institute Monetary Policy Council to Bank of Canada: Hold Overnight Rate at 5.00 Percent until Early 2024, Cut to 4.25 Percent by Next September

August 31, 2023 – The C.D. Howe Institute’s Monetary Policy Council (MPC) recommends that the Bank of Canada maintain its target for the overnight rate, its benchmark policy interest rate, at 5.00 percent on September 6th. The MPC further recommends that the Bank keep the target at 5.00 percent at least until March of 2024, then reduce it to 4.25 percent by September of 2024.

The MPC provides an independent assessment of the monetary stance consistent with the Bank of Canada’s 2 percent inflation target. William Robson, the Institute’s CEO, chairs the Council.

Council members make recommendations for the Bank of Canada’s upcoming interest-rate announcement, the subsequent announcement, and the announcements…

Apr 06

C.D. Howe Institute Monetary Policy Council Calls for Bank of Canada to Hold Overnight Rate at 4.50 Percent through October, Cut to 4.00 Percent by April of 2024

April 6, 2023 – The C.D. Howe Institute’s Monetary Policy Council (MPC) recommends that the Bank of Canada hold its target for the overnight rate, its benchmark policy interest rate, at 4.50 percent on April 12th, and keep it at that level for the next six months. By April of 2024, the Council recommends a cut to 4.00 percent.

The MPC provides an independent assessment of the monetary stance consistent with the Bank of Canada’s 2 percent inflation target. William Robson, the Institute’s CEO, chairs the Council.

Council members make recommendations for the Bank of Canada’s upcoming interest-rate announcement, the subsequent announcement, and the announcements six months and one year ahead. The Council’s…

Jun 22

Guidelines and Creativity Key to Restoring Financial Confidence: Crisis Working Group on Monetary and Financial Measures

June 22, 2020 – Governments and regulators should set out guidelines to allow for creativity in encouraging investments, such as a “sandbox” where innovative approaches can be tested, according to a new C.D. Howe Institute working group report.

The C.D. Howe Institute Crisis Working Group on Monetary and Financial Measures argues such measures would increase the confidence of lenders and investors when engaging with businesses.

The group, co-chaired by David Dodge, former Governor of the Bank of Canada, and Mark Zelmer, former Deputy Superintendent, OSFI, also tackled issues such as the underwhelming uptake of certain support measures offered by governments, uncertainty on future policy responses to the pandemic,…