January 7, 2019 – The C.D. Howe Institute’s Monetary Policy Council (MPC) called for the Bank of Canada to keep its target for the overnight rate, its benchmark policy interest rate, at 1.75 percent at its next announcement on January 9, 2019, and to maintain that rate at the following announcement on March 6, 2019. The MPC further called for the target to rise to 2.00 percent by July of 2019, and to 2.25 percent by January of 2020. 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 President and CEO, chairs the Council. Council members make recommendations for the Bank of Canada’s upcoming interest-rate announcement, the...

The C.D. Howe Institute’s Business Cycle Council met on Tuesday December 11, 2018 to review its assessments of Canadian business cycle dates. The C.D. Howe Institute Business Cycle Council, co-chaired by Steve Ambler and Jeremy Kronick, is an arbiter of business cycle dates in Canada. The Council meets on an annual basis, or as warranted when economic conditions indicate the possibility of entry to, or exit from, a recession. The Council also acts as a conduit for research aimed at developing a deeper understanding of how the economy evolves and to provide guidance to policymakers. The Council defines a recession as a pronounced, persistent, and pervasive decline in aggregate economic activity. In deciding on the occurrence and...

November 29, 2018 — The C.D. Howe Institute’s Monetary Policy Council (MPC) called for the Bank of Canada to keep its target for the overnight rate, its benchmark policy interest rate, at 1.75 percent at its next announcement on December 5, 2018, and in January of 2019. The MPC called for the target to rise to 2.00 percent by May 2019, and 2.25 percent by the end of next year. 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 President and CEO, chairs the Council. Council members make recommendations for the Bank of Canada’s upcoming interest-rate announcement, the subsequent announcement, and the announcements...

The C.D. Howe Institute’s Competition Policy Council support measures to reinvigorate competition enforcement in Canada and safeguard the Commissioner of Competition’s ability to act as an effective advocate for competition.  This includes ensuring that the Competition Bureau is adequately resourced to do its job effectively.  At their most recent meeting, a majority of Council members also supported maintaining the Bureau as part of Innovation, Science and Economic Development (ISED), where the Bureau can help influence the direction of Canada’s industrial policy and encourage reliance on competitive market forces over direct economic regulation. In a new communique titled: “Is Canada’s Competition Watchdog on a Leash?”...

October 18, 2018 — The C.D. Howe Institute’s Monetary Policy Council (MPC) called for the Bank of Canada to raise its target for the overnight rate, its benchmark policy interest rate, to 1.75 percent at its next announcement on October 24, 2018. Looking further ahead, the Council called for the Bank to hold the target at 1.75 percent in December, with subsequent increases raising it to 2.50 percent by October of 2019. The MPC provides an independent assessment of the monetary stance consistent with the Bank of Canada’s 2 percent inflation target. Jeremy Kronick, an Associate Director, Research, at the C.D. Howe Institute chaired the 122nd Council’s meeting. Council members make recommendations for the Bank of Canada’s...