tiff macklem : monetary policy decision opening statement by mr tiff macklem, governor of the bank of canada, at the press conference following the monetary policy decision, ottawa, ontario, 10 april 2024. * * * good morning. i'm pleased to be here with senior deputy governor carolyn rogers to discuss today's policy announcement and our monetary policy report. today, we maintained our policy interest rate at 5 %. we are also continuing our policy of quantitative tightening. we have three main messages this morning. first, monetary policy is working. total consumer price index ( cpi ) and core inflation have eased further in recent months, and we expect inflation to continue to move closer to the 2 % target this year. second, growth in the economy looks to be picking up. we expect gdp growth to be solid this year and to strengthen further in 2025. third, as we consider how much longer to hold the policy rate at the current level, we're looking for evidence that the recent further easing in underlying inflation will be sustained. before taking your questions, let me take a moment to discuss how the economy is evolving. we have revised up our outlook for global growth. us economic growth again exceeded expectations, and while growth is expected to slow later this year, economic activity is stronger than previously forecast. in canada, growth stalled in the second half of last year and the economy moved into excess supply. the labour market also cooled from very overheated levels. with employment growing more slowly than the working - age population, the unemployment rate has risen gradually over the last year to 6. 1 % in march. there are also some signs that wage pressures are beginning to ease. economic growth is forecast to strengthen in 2024. strong population growth is increasing consumer demand as well as the supply of workers, and spending by households is forecast to recover through the year. spending by governments also contributes to growth, and us strength supports canadian exports. overall, we forecast gdp growth in canada of 1. 5 % this year and about 2 % in 2025 and 2026. the strengthening economy will gradually absorb excess supply through 2025 and into 2026. cpi inflation eased to 2. 8 % in february, and price increases are now slowing across most major categories. inflation rates for durable goods, clothing, food, and services 1 / 2 bis - central bankers'speeches such as recreation and travel have all declined. however, shelter cost inflation is still very high and remains the biggest contribution

pierre duguay : bank of canada ’ s perspective on the stability of the canadian financial system opening statement by mr pierre duguay, deputy governor of the bank of canada, to the house of commons standing committee on finance, ottawa, 5 march 2009. * * * good morning. thank you for inviting me here to discuss the bank of canada ’ s perspective on the stability of the canadian financial system. as we have consistently emphasized, stabilization of the global financial system is a precondition for economic recovery, both globally and in canada. to that end, policymakers around the globe have acted aggressively and creatively by initiating a series of unprecedented actions aimed at stabilizing the global financial system. central banks throughout the world, including the bank of canada, have provided unprecedented liquidity to keep the financial system functioning. because the crisis we are facing is global in nature and began outside our borders, most solutions must be found at the international level. we are taking part in discussions with our international colleagues on ways to strengthen financial stability globally. i would note that there has been a great deal of interest worldwide in the resilience of canada ’ s financial institutions in the face of the global economic crisis. unlike their counterparts in other major economies, canadian banks have not been materially affected by the financial crisis. they have managed to raise capital during this troubled period to support continued lending and to make up for some of the decline in the demand for securitized products as well as the exit of non - bank lenders which had relied on securitization for financing their activities. in contrast, banks in most other major economies have suffered significant losses and have required significant capital injections from their governments. thus, canada has maintained much healthier credit conditions since the onset of this global recession than have been seen in other major countries. still, the canadian financial sector has felt the effects of the global turmoil which has increased funding needs while at the same time raising the costs and the uncertainty of term funding. in response, the bank of canada has made significant efforts to support liquidity in financial markets. our actions aimed at stabilizing the canadian financial system since the global crisis began 18 months ago have been unprecedented and significant. the bank of canada has moved aggressively by expanding the provision of term purchase and resale agreements ( pras ) to a total of $ 41 billion at its peak in december, and $ 35 billion currently. term pras provide liquidity to key market participants for terms of