CA BOC Summary of Deliberations
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 2023;
- History
Expected Impact / Date | Description |
---|---|
Jun 19, 2024 | |
Apr 24, 2024 | |
Mar 20, 2024 | |
Feb 7, 2024 | |
Dec 20, 2023 | |
Nov 8, 2023 | |
Sep 20, 2023 | |
Jul 26, 2023 | |
-
- CA BOC Summary of Deliberations News
- From bankofcanada.ca|Jun 19, 2024
Governing Council began its deliberations by reviewing recent data on the global economy since the April Monetary Policy Report. Global growth improved modestly to about 3% in the first quarter of the year, broadly in line with expectations. US growth slowed, while growth in the euro area and China picked up. The US economy was weaker than expected, largely due to drag from exports and inventories. Consumption growth and business investment were both solid but had slowed. US inflation had proven sticky in recent months, but Governing Council members continued to expect that it would gradually ease. In contrast, growth in China increased after unevenness in 2023, and growth in the euro area resumed after stalling in the second half of 2023. The pickup in China’s economy was mostly due to foreign demand boosting exports, while domestic demand remained subdued. Economic activity increased modestly in the euro area driven mainly by an increase in demand for services. Members noted that while headline inflation was below 3% in both the United States and euro area, three-month measures of core inflation had picked up in both regions relative to the beginning of the year, reversing earlier downward momentum. Although inflation was expected to continue to ease gradually, progress toward central bank targets could be bumpy. Oil prices had initially risen above levels assumed in the April Report because of global conce post: BOC MINUTES: WHILE MEMBERS RECOGNIZED THE RISK THAT PROGRESS ON INFLATION COULD STALL, THERE WAS CONSENSUS INDICATORS SHOWED ENOUGH PROGRESS TO WARRANT A CUT. post: BoC Members Agreed Reasonable To Expect More Cuts If Progress Continues, Policy Easing Likely To Be Gradual - Minutes - Agreed Policy 'Not Close' To Limit Of Divergence From Fed - Members Considered Waiting Until July To Cut Rates - Four Months Of Core CPI Easing Warranted June…
- From bankofcanada.ca|Apr 24, 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 April 2. 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 Rhys Mendes. Governing Council began its deliberations by discussing the outlook for the global economy. Growth was projected to be stronger than previously expected in 2024 and 2025. The US economy accounts for a substantial portion of the increase. Growth in the euro area had remained weak but was expected to pick up gradually this year. China’s economy was expected to face headwinds due to subdued consumer confidence and continued weakness in the property sector. Governing Council members expected inflation to continue to ease gradually in most major economies, although with some unevenness across countries. post: BOC MINUTES: AHEAD OF THE APRIL 10TH RATE ANNOUNCEMENT, THE GOVERNING COUNCIL AGREED THAT ANY MONETARY POLICY EASING WOULD PROBABLY BE GRADUAL. post: BOC MINUTES: THERE WERE DIFFERENT VIEWS ON HOW MUCH MORE ASSURANCE WAS NEEDED TO BE CONFIDENT THAT INFLATION WAS ON A SUSTAINABLE PATH BACK TO THE 2% TARGET. post: BOC MINUTES: SOME MEMBERS FELT THERE WAS A RISK OF KEEPING MONETARY POLICY MORE RESTRICTIVE THAN NEEDED, GIVEN THE DECLINE IN INFLATION.
- From bankofcanada.ca|Mar 20, 2024
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 6, 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 March 1. 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 Rhys Mendes. The international economy Governing Council began its deliberations by reviewing recent data on the global economy since the January Monetary Policy Report. Growth had slowed in most regions. In the United States, economic activity als post: ? Bank of Canada Minutes: Conditions for Rate Cuts Should Materialize Later in 2024 ? BOC Minutes: Officials Reiterated 'Too Early' to Consider Rate Cuts ? BOC Minutes: Officials Worried About Upside Inflation Risks Posed by Housing ? BOC Minutes Cover Deliberations Ahead…
- From bankofcanada.ca|Feb 7, 2024
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on January 24, 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 January 16. 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 Rhys Mendes. Governing Council members began their deliberations by discussing recent global economic developments. Global growth had slowed, but not by as much as projected in the October Monetary Policy Report, mainly because of stronger-than-expected growth in the United States. Inflation had eased further across most economies. Consumer spending in the United States had been surprisingly resilient. However, members said they expect spending to slow in the coming quarters as consumers adjust to higher interest rates, having already spent a good deal of their pandemic-related savings. Nevertheless, members agreed there was a risk that US consumer spending could continue to be stronger than expected. Euro area growth remained weak, and members expected a mild contraction in the area before growth picks up gradually over the next two years. Factors contributing to this slowdown include past interest rate increases, weak demand for Euro area exports and higher energy costs. In China, economic activity was expected to remain subdued, reflecting economic policy uncertainty, low consumer confidence and ongoing issues in the property sector. post:
BOC MINUTES: THE GOVERNING COUNCIL SAW RISK OF INFLATION BEING MORE PERSISTENT THAN EXPECTED, REQUIRING RATES TO STAY RESTRICTIVE FOR LONGER. post:
BOC MINUTES: THE GOVERNING COUNCIL DISCUSSED RISK THAT MONETARY POLICY COULD HAVE GREATER THAN EXPECTED IMPACT ON CONSUMER SPENDING, REQUIRING LOWER RATES EARLIER AND MORE QUICKLY. post:
BOC MINUTES: THE BOC IS PARTICULARLY CONCERNED ABOUT PERSISTENT INFLATION AND LOWERING RATES PREMATURELY IN THE JANUARY POLICY-SETTING MEETINGS.
- From bankofcanada.ca|Dec 20, 2023
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 Friday, December 1 and continued on December 4 and 5. 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 Rhys Mendes. Governing Council members began their deliberations by discussing recent global economic developments. Global growth had continued to slow since October, and inflation had eased in most major economies. While the overall growth profile was consistent with expectations in October, the US economy had been stronger than expected. This was offset by weakness in the rest of the world. Members discussed the continued strength in US consumer spending and the drawdown in accumulated savings. Growth in the euro area weakened as monetary policy contributed to slower spending. In China, growth rebounded due to increased consumer spending, but uncertainty about the property sector and policy response remained high. As global growth slowed in recent months, inflation eased further. Lower energy prices contributed to a drop in year-over-year inflation in the United States and the euro area. Lower inflation for food and core goods also contributed to the decline in both economies. post: BOC SAYS HIKES MAY STILL BE NEEDED TO RESTORE PRICE STABILITY post: BANK OF CANADA SEES INCREASED CHANCE RATES NOW HIGH ENOUGH post: BoC Summary Of Deliberations: Members Agree Risks To Inflation Outlook Remain - Sees Increased Chance Rates Now High Enough - Wage Growth Of 4% - 5% 'Not Consistent' With Reaching 2% Target - Data Indicated Rate Policy Working To Slow Activity, Ease Price Pressures
- From business.nab.com.au|Nov 8, 2023
Across the financial asset and commodity price complex, oil continues to show the most volatility, crude oil benchmarks adding 2.5% or so to Tuesday’s 4% fall, reportedly on deepening pessimism about the demand and hence global growth outlook. In which respect former ECB chief Mario Draghi says the Eurozone will be in recession by year end, though he is pinning the blame for that partly on high energy prices. US equities are though having a good last couple of hours of NYSE trading, recouping most of their morning fall to be little ...
- From bankofcanada.ca|Nov 8, 2023
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on October 25, 2023. 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 Tuesday, October 17. 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 Rhys Mendes. The international economy Governing Council members began their deliberations by discussing recent global economic developments. Global growth had been moderating, and inflation had been easing across most economies, consistent with the Bank’s projection in July. However, the composition of global growth had shifted, with the US economy proving to be more resilient and China’s economy more sluggish than expected. Members discussed potential reasons for the strength in US consumer spending and economic growth. The drawdown in savings accumulated during the pandemic was much larger in the United States than in Canada. Strong income growth was also supporting consumption in the United States. Meanwhile, US productivity growth was strong, and growth in unit labour costs was moderating, helping to ease core inflation. Inflation in the United States was expected to ease further as higher policy interest rates and tighter financial conditions slowed demand. post:
BOC MINUTES: AHEAD OF BANK OF CANADA'S RATE ANNOUNCEMENT, SOME MEMBERS OF GOVERNING COUNCIL FELT RATE WOULD MORE LIKELY THAN NOT NEED TO INCREASE FURTHER. post:
BOC MINUTES: COUNCIL MEMBERS ACKNOWLEDGED FURTHER TIGHTENING WOULD LIKELY BE REQUIRED TO RESTORE PRICE STABILITY. post:
BOC MINUTES: PERSISTENCE IN CORE INFLATION, ELEVATED INFLATION EXPECTATIONS AND WAGE GROWTH, AND ATYPICAL CORPORATE PRICING BEHAVIOR COULD INDICATE HIGH INFLATION IS BECOMING ENTRENCHED. post:
BOC MINUTES: LACK OF DOWNWARD MOMENTUM IN UNDERLYING INFLATION CAUSED CONSIDERABLE CONCERN; THIS COULD EITHER MEAN MONETARY POLICY NEEDED MORE TIME TO WORK, OR THAT IT WAS NOT RESTRICTIVE ENOUGH.
- From bankofcanada.ca|Sep 20, 2023
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on September 6, 2023. 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 Thursday, August 31. 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 Rhys Mendes. post: BoC: Worried Holding Rates Would Raise Cut Expectations - Minutes - Didn't Discuss Cut At Sept Meeting - Tighter Policy Should Remain Potential Option - Current Wage Growth Inconsistent With Price Stability - Excess Demand Seen Diminishing $USDCAD https://t.co/m2dTgXPq3O
Released on Jun 19, 2024 |
---|
Released on Apr 24, 2024 |
---|
Released on Mar 20, 2024 |
---|
Released on Feb 7, 2024 |
---|
Released on Dec 20, 2023 |
---|
Released on Nov 8, 2023 |
---|
Released on Sep 20, 2023 |
---|
- Details