Bank of Canada announces Monetary Policy Report release and press conference

The Bank of Canada has announced the forthcoming release of its Monetary Policy Report, a key publication detailing the central bank's economic outlook and inflation projections.

This report is fundamental to the Bank's communication, providing transparency on factors influencing its monetary policy decisions.

Following the report, Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers will hold a press conference at approximately 10:30 ET.

This event offers a crucial platform for discussing the Bank's assessment of economic conditions and its policy path.

The Bank's core mandate is to promote Canada's economic stability and citizens' financial well-being, a goal tied to its monetary policy framework.

This framework undergoes a five-year review and renewal with the Government of Canada, ensuring its relevance.

The forecasts guiding these policy decisions, provided to the Governing Council, are vital for informed policymaking, though released publicly with a five-year lag, highlighting the long-term perspective of central bank planning.

The Bank of Canada extends its mandate beyond monetary policy through various public-facing initiatives.

These include a plan to enhance accessibility for all Canadians and a dedicated Reconciliation journey plan, underscoring its commitment to social responsibility.

The Bank also promotes financial literacy, encouraging a deeper understanding of economic principles among citizens.

A critical function involves supervising payment service providers under the Retail Payment Activities Act, ensuring robust risk management and the security of public funds.

Transparency in financial markets is maintained through the release of data on Canadian Mortgage Bonds.

Furthermore, the Bank actively works to protect the public from fraud via bank note security education and is currently engaged in the design process for the new $20 bank note featuring His Majesty King Charles III, reinforcing its role in currency management and public trust.