Essentials of the Monetary Policy

• Bank of England: quantitative measures expand slightly
  - November 5, 2009 (PDF, 109 KB)

Previous issues

2009

• While noting an uptick in the economy, the Fed stays the course
  - November 4, 2009 (PDF, 99.9 KB)
• Monetary Policy Report: Canada appears to have returned to growth
  - October 22, 2009 (PDF, 98.3 KB)
• The strong loonie gives the Bank of Canada the necessary leeway to keep rates at current level until June 2010
  - October 20, 2009 (PDF, 97.7 KB)
• European Central Bank: European key rates stay at their low
  - October 8, 2009 (PDF, 100 KB)
• The Federal Reserve sees improvement in the economy
  - September 23, 2009 (PDF, 102 KB)
• Bank of Canada more optimistic, but no change to key interest rates before mid-2010
  - September 10, 2009 (PDF, 102 KB)
• The Federal Reserve will wind down Treasuries purchases
  - August 12, 2009 (PDF, 111 KB)
• The Bank of England is taking no chances: it's expanding its asset purchase program by £50B
  - August 6, 2009 (PDF, 100 KB)
• Monetary Policy Report: the Bank of Canada is more upbeat and moves the start of the economic recovery up
  - July 23, 2009 (PDF, 97.5 KB)
• Bank of Canada: the tone is slightly more positive, but the Bank reiterates its conditional commitment to keep the key rate at 0.25% until mid-2010
  - July 21, 2009 (PDF, 103 KB)
• Bank of England: quantitative easing program is not expanded
  - July 9, 2009 (PDF, 102 KB)
• European Central Bank: no more rate cuts in sight!
  - July 2, 2009 (PDF, 102 KB)
• The Bank of Canada keeps the key rate at 0.25%: no additional stimulus in sight for the near future
  - June 4, 2009 (PDF, 100 KB)
• European Central Bank: no further monetary easing in Europe
  - June 4, 2009 (PDF, 105 KB)
• Bank of England and European Central Bank: more monetary easing
  - May 7, 2009 (PDF, 100 KB)
• Federal Reserve: quantitative policy does not expand
  - April 29, 2009 (PDF, 98.1 KB)
• Monetary Policy Report: the Bank of Canada now anticipates a harsher recession... but is still optimistic about the recovery
  - April 23, 2009 (PDF, 97.7 KB)
• Bank of Canada: the key rate will stay at 0.25% until mid-2010
  - April 21, 2009 (PDF, 98.4 KB)
• Bank of England: quantitative easing is the preferred route
  - April 9, 2009 (PDF, 102 KB)
• European Central Bank: the key rate comes down... but less than forecast!
  - April 2, 2009 (PDF, 102 KB)
• The Federal Reserve goes all out: the monetization of debt begins
  - March 18, 2009 (PDF, 102 KB)
• Bank of England and European Central Bank: monetary easing and new quantitative measures
  - March 5, 2009 (PDF, 100 KB)
• Bank of Canada: key rates come down another 50 basis points
  - March 3, 2009 (PDF, 98.5 KB)
• The U.K.'s key rate continues to head for zero while the European Central Bank pauses
  - February 5, 2009 (PDF, 102 KB)
• As key rates are almost zero, the Federal Reserve moves ahead with its other actions
  - January 28, 2009 (PDF, 120 KB)
• Monetary Policy Report: the Bank of Canada expects a sharp rebound after the recession
  - January 22, 2009 (PDF, 101 KB)
• Bank of Canada: key rates go to a historic low and the door is still open...
  - January 20, 2009 (PDF, 97.4 KB)
• European Central Bank: the key rate is lowered, but Trichet points at a break in February
  - January 15, 2009 (PDF, 103 KB)
• Bank of England: the key rate at a historic low
  - January 8, 2009 (PDF, 102 KB)

2008

• Federal Reserve: unprecedented key rate levels and measures announced!
  - December 16, 2008 (PDF, 105 KB)
• The Bank of Canada announces a recession
  - December 9, 2008 (PDF, 106 KB)
• Bank of England and European Central Bank: aggressive rate cuts in Europe
  - December 4, 2008 (PDF, 110 KB)
• Bank of England and European Central Bank: aggressive 150-point cut to Britain's key rate!
  - November 6, 2008 (PDF, 106 KB)
• Bank of Japan cuts key interest rate: a first in seven years
  - October 31, 2008 (PDF, 103 KB)
• Federal Reserve: the target for the federal funds rate drops to 1%
  - October 29, 2008 (PDF, 100 KB)
• Monetary Policy Report: the Bank of Canada makes drastic changes to its scenario
  - October 23, 2008 (PDF, 96.7 KB)
• Bank of Canada: key rates come down, with other cuts to follow
  - October 21, 2008 (PDF, 104 KB)
• Central banks all lower key rates!
  - October 8, 2008 (PDF, 101 KB)
• The Federal Reserve maintains its leeway!
  - September 16, 2008 (PDF, 105 KB)
• Bank of England and European Central Bank: in Europe, inflation remains the main concern
  - September 4, 2008 (PDF, 105 KB)
• Bank of Canada: the inflation scenario has been downgraded, but caution is still in order
  - September 3, 2008 (PDF, 101 KB)
• Bank of England and European Central Bank: economic difficulties offset inflation's rise
  - August 7, 2008 (PDF, 105 KB)
• The Federal Reserve stays the course, no rate hikes in sight
  - August 5, 2008 (PDF, 100 KB)
• Bank of Canada: the door is open for a period of monetary stability in Canada
  - July 15, 2008 (PDF, 102 KB)
• Bank of England: the combination of economic softness and inflation fears dictates caution
  - July 10, 2008 (PDF, 103 KB)
• European Central Bank: President Jean-Claude Trichet closes the door on the need to raise interest rates further in the near future
  - July 3, 2008 (PDF, 101 KB)
• Federal Reserve: the monetary policy is now on hold
  - June 25, 2008 (PDF, 102 KB)
• Bank of Canada: monetary easing comes to an early halt in Canada
  - June 10, 2008 (PDF, 103 KB)
• Bank of England and European Central Bank: inflation fears notch up
  - June 5, 2008 (PDF, 129 KB)
• Bank of England and European Central Bank: stuck between inflation and economic slowdown
  - May 8, 2008 (PDF, 106 KB)
• U.S. Federal Reserve: is today's 25 basis point cut really the last one?
  - April 30, 2008 (PDF, 104 KB)
• Bank of Canada Monetary Policy Report: growth expectations are revised down
  - April 24, 2008 (PDF, 97.0 KB)
• The Bank of Canada keeps going with another 50 basis point cut
  - April 22, 2008 (PDF, 102 KB)
• Bank of England: another 25 basis point cut to the key rate
  - April 10, 2008 (PDF, 103 KB)
• The ECB stands firm due to elevated inflation
  - April 10, 2008 (PDF, 107 KB)
• U.S. Federal Reserve: -0.75% today: are the key rate cuts too aggressive?
  - March 18, 2008 (PDF, 103 KB)
• European Central Bank and Bank of England: inflation remains the primary concern
  - March 6, 2008 (PDF, 593 KB)
• Bank of Canada: Carney starts term off with a 50-point rate cut
  - March 4, 2008 (PDF, 101 KB)
• U.S. Federal Reserve - Minutes of the meeting of January 29 and 30, 2008: economic growth revised downward and risks remain high
  - February 20, 2008 (PDF, 110 KB)
• Bank of England: monetary easing continues in the United Kingdom
  - February 7, 2008 (PDF, 105 KB)
• The European Central Bank stays prudent on inflation… but takes a less hawkish tone
  - February 7, 2008 (PDF, 104 KB)
• U.S. Federal Reserve: monetary Easing Continues Apace
  - January 30, 2008 (PDF, 100 KB)
• Bank of Canada: future rate cuts could be more substantial!
  - January 24, 2008 (PDF, 111 KB)
• U.S. Federal Reserve - The Fed goes on the offensive: Surprise 75 basis point cut!
  - January 22, 2008 (PDF, 109 KB)
• Bank of Canada - Dodge bows out with one last decrease
  - January 22, 2008 (PDF, 103 KB)
• European Central Bank - Its hands are tied: the ECB stays with the status quo until January
  - January 10, 2008 (PDF, 100 KB)

2007

• The U.S. Federal Reserve cuts its rate again: More to come in 2008
  - December 11, 2007 (PDF, 100 KB)
• Bank of England: The risks of a slowdown bring on a first rate cut in the United Kingdom
  - December 6, 2007 (PDF, 105 KB)
• The European Central Bank stays on course: Inflation control takes precedence!
  - December 6, 2007 (PDF, 108 KB)
• The Bank of Canada lowers its key rate to 4.25% due to the proliferation of downside risks
  - December 4, 2007 (PDF, 102 KB)
• U.S. Federal Reserve - Minutes of the meeting of October 30-31: economic growth and inflation will remain modest
  - November 20, 2007 (PDF, 112 KB)
• Bank of England & European Central Bank - The uncertainty continues: The status quo is still the most valid option
  - November 8, 2007 (PDF, 106 KB)
• The Fed has cut its key interest rates again, but is trying to close the door on further cuts
  - October 31, 2007 (PDF, 100 KB)
• Bank of Canada: The Monetary Policy Report (MPR) points to an extended key rate status quo, with a slight tilt to the downside
  - October 18, 2007 (PDF, 91.3 KB)
• The Bank of Canada maintains its status quo but opens the door to possible rate cuts
  - October 16, 2007 (PDF, 98.6 KB)
• Europe's main central banks maintain the status quo
  - October 4, 2007 (PDF, 100 KB)
• Surprise! The U.S. Federal Reserve cuts key rates by 50 basis points
  - September 18, 2007 (PDF, 62.9 KB)
• The Bank of England and European Central Bank opt for prudence
  - September 6, 2007 (PDF, 51.6 KB)
• The American slowdown and tighter credit conditions make the Bank of Canada opt for prudence
  - September 5, 2007 (PDF, 61.3 KB)
• The U.S. Federal Reserve keeps rates unchanged - Inflation is still the dominant risk
  - August 7, 2007 (PDF, 251 KB)
• Bank of Canada: Update to the Monetary Policy Report
  The Bank's money tightening will not be excessive
  - July 12, 2007 (PDF, 24.6 KB)
• The Bank of Canada increases the cost of money in the country and opens the door to at least one more hike in September
  - July 10, 2007 (PDF, 37.4 KB)
• The Bank of England raises its key rate to 5.75%
  The European Central Bank opts for the status quo in July, but leaves the door open
  - July 5, 2007 (PDF, 106 KB)
• The U.S. Federal Reserve stays the course and leaves interest rates unchanged
  - June 28, 2007 (PDF, 38.4 KB)
• The European Central Bank raises its key rate to 4.00%, leaving the door open to further increases…
  - June 6, 2007 (PDF, 31.3 KB)
• The Bank of Canada is concerned about how inflation is evolving: a rate hike is likely this summer
  - May 29, 2007 (PDF, 37.6 KB)
• The Bank of England raises its key interest rate and leaves the door open
  The ECB opts for the status quo, but signals a probable hike for June
  - May 10, 2007 (PDF, 27.5 KB)
• To no one's surprise, the U.S. Federal Reserve opted to maintain the status quo: inflation remains the predominant risk
  - May 9, 2007 (PDF, 112 KB)
• Biannual Monetary Policy Report: Bank of Canada's outlook remains mostly the same
  - April 26, 2007 (PDF, 81.2 KB)
• The Bank of Canada maintains its key interest rates and indicates that the next move should be upward
  - April 24, 2007 (PDF, 32.7 KB)
• A slight change in bias for the Fed
  Inflation remains high, but the Fed is no longer signalling that the next movement by rates will be to the upside
  - March 21, 2007 (PDF, 112 KB)
• The Bank of Canada's stance is unchanged: The key rate status quo continues
  - March 6, 2007 (PDF, 33.1 KB)
• The Fed intimates that the status quo will continue for a while
  Key interest rates are unchanged; inflation and economic conditions improve
  - January 31, 2007 (PDF, 109 KB)
• Monetary Policy Report Update: The Bank of Canada makes few changes
  - January 18, 2007 (PDF, 32.1 KB)
• The Bank of Canada's tone remains positive: Key rates unchanged
  - January 16, 2007 (PDF, 32.2 KB)

2006

• The Fed stays the course for now: rates and tone remain unchanged
  - December 12, 2006 (PDF, 112 KB)
• The ECB raises its key rate to 3.50%
  - December 7, 2006 (PDF, 27.9 KB)
• The Bank of Canada is staying the course: risks are balanced and overnight rate stays put
  - December 5, 2006 (PDF, 35.2 KB)
• As expected, the Bank of England raises its key rate to 5.0%
  - November 9, 2006 (PDF, 35.4 KB)
• The Fed stays the course and leaves key rates unchanged
  - October 25, 2006 (PDF, 38.8 KB)
• Semi-annual Report: The Bank of Canada lowers its growth scenario but remains optimistic
  - October 19, 2006 (PDF, 83.1 KB)
• Bank of Canada decision: Key rates unchanged, and outlook for growth downgraded
  - October 17, 2006 (PDF, 36.3 KB)
• The European Central Bank raises its key rate to 3.25%
  - October 5, 2006 (PDF, 35.6 KB)
• As expected, the Fed once again opts for the status quo
  - September 20, 2006 (PDF, 41.3 KB)
• No surprises: the Bank of Canada maintains the status quo
  - September 6, 2006 (PDF, 33.9 KB)
• The Federal Reserve halts its monetary tightening
  The economic slowdown wins out over inflation fears
  - August 8, 2006 (PDF, 37.1 KB)
• The European Central Bank (ECB) raises key rates again
  - August 3, 2006 (PDF, 32.7 KB)
• The Bank of Canada confirms that it is going into neutral and keeps key rates unchanged
  - July 11, 2006 (PDF, 33.9 KB)
• Fed: Bernanke retains some leeway
  Inflation's acceleration remains a concern
  - June 29, 2006 (PDF, 43.6 KB)
• Key rate hikes appear to be over: the Bank of Canada is in neutral stance for the months to come
  - May 24, 2006 (PDF, 34.3 KB)
• Another rate hike from the Federal Reserve
  Future decisions will be even more "dependant" on data
  - May 10, 2006 (PDF, 111 KB)
• Monetary Policy Report: The Bank of Canada leaves the door open for further rate increases
  - April 27, 2006 (PDF, 31.4 KB)
• The Bank of Canada raises key rates, leaving the door open for further increases
  - April 25, 2006 (PDF, 29.7 KB)
• In April, the European Central Bank maintains its status quo
  - April 6, 2006 (PDF, 117 KB)
• Bernanke begins his mandate with another rate hike
  Federal funds are now close to neutral
  - March 28, 2006 (PDF, 116 KB)
• Bank of Canada continues monetary tightening and does not change its tune
  - March 7, 2006 (PDF, 32.6 KB)
• European Central Bank hikes rate to 2.50%
  - March 2, 2006 (PDF, 134 KB)
• The Greenspan era draws to a close with another rate hike
  U.S. Federal Reserve raises its rates to 4.50%
  - January 31, 2006 (PDF, 38,4 KB)
• Bank of Canada publishes its bi-annual Monetary Policy Report Update
  - January 26, 2006 (PDF, 34,8 KB)
• Bank of Canada raises interest rates again
  - January 24, 2006 (PDF, 32.2 KB)

2005

• U.S. Federal Reserve raises rates again
  Monetary tightening is not quite over but the Fed seems much less concerned about inflation
  - December 13, 2005 (PDF, 37.7 KB)
• The Bank of Canada stays on course, proceeding with a third straight key rate hike
  - December 6, 2005 (PDF, 36.4 KB)
• The European Central Bank hikes interest rates for the first time in five years
  - December 1, 2005 (PDF, 33.5 KB)
• The Fed raises its key rates from 3.75% to 4%
  - November 1, 2005 (PDF, 40.9 KB)
• Canada's key rates rise again
  - October 18, 2005 (PDF, 35.4 KB)
• The Federal Reserve hikes its rates again
  Katrina's fallout will be short lived but inflation pressures could potentially heat up
  - September 20, 2005 (PDF, 136 KB)
• Canadian overnight rates hiked for the first time since October 2004
  - September 7, 2005 (PDF, 134 KB)
• The Federal Reserve continues monetary tightening
  - August 9, 2005 (PDF, 33.8 KB)
• The Bank of Canada raises its tone a notch or two!
  - July 12, 2005 (PDF, 129 KB)
• U.S. Federal Reserve raises key rates again
  The Fed seems set on continuing its monetary tightening
  - June 30, 2005 (PDF, 135 KB)
• Continued pause in tightening of Canada's key rates
  - May 25, 2005 (PDF, 127 KB)
• The US Federal Reserve raises its rates again
  The Fed appears to be still preoccupied by inflation, but also remarks on a certain weakness within the economy
  - May 3, 2005 (PDF, 139 KB)
• The Bank of Canada releases its semi-annual Monetary Policy Report
  - April 14, 2005 (PDF, 131 KB)
• Canada's key rates remain unchanged… for now!
  - April 12, 2005 (PDF, 130 KB)
• The US Federal Reserve raises its rates once again
  Even though it's maintaining its objective of raising rates gradually, the Fed seems more concerned by inflation
  - March 22, 2005 (PDF, 175 KB)
• The Bank of Canada keeps the rate steady: key lending rates remain unchanged
  - March 1, 2005 (PDF, 143 KB)
• The US Federal Reserve raises its rates once again
  But, it retains the same incrementality in the tone of its message
  - February 2, 2005 (PDF, 181 KB)
• The Bank of Canada opts again for the status quo: key lending rates stay put
  - January 25, 2005 (PDF, 168 KB)