Bank of Canada publishes report on monetary policy framework consultations

The Bank of Canada today published a report summarizing the feedback it received from stakeholders and the Canadian public during consultations on its monetary policy framework.

Every five years, the Bank of Canada and the Government of Canada review and renew the agreement on Canada’s monetary policy framework. The agreement will be renewed before the end of 2026. In preparation, the Bank held consultations to gather views on inflation, monetary policy and on three key challenges to Canada’s economy that were the focus of the Bank’s research.

Conversations were held in communities across the country to better understand Canadians’ recent experience with inflation and to hear their perspectives on monetary policy. The Bank also met with a broad group of stakeholders including members of the research community, the private sector and civil society.

The feedback the Bank received indicates that Canadians value the stability the framework provides. Support for maintaining flexible inflation targeting and the 2% inflation target was strong. At the same time, many participants expressed concerns about the high cost of living and housing affordability. They indicated that clear communication about the information the Bank uses to make interest rate decisions is key to fostering trust in the central bank.