Essentials of the Monetary Policy
Analysis and comments regarding the management and application of monetary policies by major central banks. Published several times each month.
- Key Rates Hit All-Time Lows
The Bank of Canada Announces Two Securities Purchase Programs (PDF, 262 KB) - This link will open in a new window.
- March 27, 2020
- The Federal Reserve Rolls Out the Heavy Artillery: A 100-Point Drop and at Least US$700B in Securities Purchases
(PDF, 260 KB) - This link will open in a new window.
- March 16, 2020 - European Central Bank: No Rate Cut, but Measures to Avoid a Liquidity Crisis (PDF, 262 KB) - This link will open in a new window.
- March 12, 2020 - Bank of Canada: Concerns over COVID-19 Take Key Rates Down by 50 Basis Points
(PDF, 262 KB) - This link will open in a new window.
- March 4, 2020 - Federal Reserve Cuts Key Rates in Response to Risks Associated with the Coronavirus (PDF, 284 KB) - This link will open in a new window.
- March 3, 2020 - The Federal Reserve Is Comfortable with Its Current Policy (PDF, 261 KB) - This link will open in a new window.
- January 29, 2020 - Bank of Canada: Monetary Authorities Concerned over the Recent Slowdown (PDF, 262 KB) - This link will open in a new window.
- January 22, 2020
- Federal Reserve: The Start of a Status Quo Period (PDF, 265 KB) - This
link will open in a new window.
- December 11, 2019 - Bank of Canada: Continued Status Quo for Key Interest Rates (PDF, 264 KB) - This link will open in a new window.
- December 4, 2019 - Federal Reserve: One Last Rate Cut? (PDF, 263 KB) - This link will
open in a new window.
- October 30, 2019 - Bank of Canada: No Rate Cuts as Long as the Canadian Economy Stays Resilient (PDF, 286 KB) - This link will open in a new window.
- October 30, 2019 - Federal Reserve: The Mid-Cycle Adjustment Continues (PDF, 263 KB) - This link will open in a new window.
- September 18, 2019 - European Central Bank: The Deposit Rate Is Set Deeper into Negative Territory (PDF, 271 KB) - This link will open in a new window.
- September 12, 2019 - Bank of Canada: Monetary Authorities Don't Dismiss the Possibility of Easing Key Interest Rates
(PDF, 271 KB) - This link will open in a new window.
- September 4, 2019 - Federal Reserve: First U.S. Key Rate Cut in over Ten Years, but What Will Happen Next Is Unclear
(PDF, 262 KB) - This link will open in a new window.
- July 31, 2019 - Bank of Canada: Unlike in the United States, Key Rates Are Not Expected to Move Anytime Soon
(PDF, 263 KB) - This link will open in a new window.
- July 10, 2019 - The Federal Reserve Opens the Door to Future Rate Cuts (PDF, 263 KB) - This link will open in a new window.
- June 19, 2019 - European Central Bank: Interest Rate Increases Are Being Postponed until Later Due to Many Sources of
Uncertainty (PDF, 264 KB) - This link will open in a new window.
- June 6, 2019 - Bank of Canada: Key Interest Rates Remain Unchanged, While the Economic Outlook Is More Reassuring
(PDF, 1.77 MB) - This link will open in a new window.
- May 29, 2019 - Slightly Stronger Economic Growth and Slightly Weaker Inflation: The Federal Reserve Maintains the Status Quo
(PDF, 1.76 MB) - This link will open in a new window.
- May 1st, 2019 - Bank of Canada: Monetary Authorities Downgrade Their Projections (PDF, 1.77 MB) - This link will open in a new window.
- April 24, 2019 - The Federal Reserve Suggests Maintaining the Status Quo throughout the Year and Will Stop Reducing Its Balance
Sheet (PDF, 1.76 MB) - This link will open in a new window.
- March 20, 2019 - Bank of Canada: A Long Pause as Economic Conditions Become Unclear (PDF, 1.76 MB) - This link will open in a new window.
- March 6, 2019 - The Federal Reserve, Taking a "Patient" Approach, Is No Longer Talking Rate Hikes (PDF, 1.76 MB) - This link will open in a new window.
- January 30, 2019 - Bank of Canada: Status Quo to Be Maintained as Uncertainty Mounts (PDF, 1.76 MB) - This link will open in a new window.
- January 9, 2019
- The Federal Reserve Raises Its Rates—in Spite of Donald Trump and the Markets—but Signals Fewer
Hikes in Future (PDF, 1.76 MB) - This link will open in a new window.
- December 19, 2018 - Bank of Canada: Key Rates Hold... a Break That Could Last a Few Months (PDF, 1.77 MB) - This link will open in a new window.
- December 5, 2018 - The Federal Reserve Opts for the Status Quo (PDF, 1.76 MB) - This
link will open in a new window.
- November 8, 2018 - Bank of Canada: The Decline in Uncertainty Opens the Door to Further Rate Increases
(PDF, 1.76 MB) - This link will open in a new window.
- October 24, 2018 - Federal Reserve: Rate Hike Pace Maintained (PDF, 1.76 MB) - This link will
open in a new window.
- September 26, 2018 - Bank of Canada: Status Quo for Key Rates, Pending Another Hike in October (PDF, 1.77 MB) - This link will open in a new window.
- September 5, 2018 - The Federal Reserve Will Continue to Increase Interest Rates (PDF, 1.75 MB) - This link will open in a new window.
- August 1st, 2018 - Bank of Canada: Another Key Rate Hike, but Trade Tensions Are Cause for Concern (PDF, 1.75 MB) - This link will open in a new window.
- July 11, 2018 - European Central Bank: The Bond-Buying Program Will End in December 2018, but No Quick Key Rate
Increases Are Expected (PDF, 1.77 MB) - This link will open in a new window.
- June 14, 2018 - The Federal Reserve Raises Rates and Signals Two More Hikes in 2018 (PDF, 1.76 MB) - This link will open in a new window.
- June 13, 2018 - Bank of Canada: Another Status Quo on Key Rates... but an Increase Should Be Forthcoming in July
(PDF, 1.77 MB) - This link will open in a new window.
- May 30, 2018 - The Federal Reserve Seems Poised to Continue Raising Key Rates in June (PDF, 1.68 MB) - This link will open in a new window.
- May 2nd, 2018 - Bank of Canada: Status Quo for Now... but Expect a New Rate Hike Soon (PDF, 1.69 MB) - This link will open in a new window.
- April 18, 2018 - Federal Reserve: Jerome Powell Starts His Mandate with a Rate Hike (PDF, 1773 KB) - This link will open in a new window.
- March 21st, 2018 - Bank of Canada: The Status Quo as Uncertainty Mounts (PDF, 1768 KB) - This
link will open in a new window.
- March 7, 2018 - Federal Reserve: No Surprises during the Last Meeting Chaired by Janet Yellen (PDF, 1771 KB) - This link will open in a new window.
- January 31st, 2018 - Bank of Canada: Key Interest Rates Continue Their Gradual Climb to a Less Expansionary Level
(PDF, 1780 KB) - This link will open in a new window.
- January 17, 2018
- The Last Rate Hike for Janet Yellen... But Not for the Federal Reserve (PDF, 1772 KB) - This link will open in a new window.
- December 13, 2017 - Bank of Canada: The Break From Monetary Tightening Continues (PDF, 1781 KB) - This link will open in a new window.
- December 6, 2017 - Federal Reserve: Solid Growth Points to a Rate Hike in December (PDF, 1771 KB) - This link will open in a new window.
- November 1st, 2017 - European Central Bank: Reduction in Securities Purchases Finally Confirmed (PDF, 1794 KB) - This link will open in a new window.
- October 26, 2017 - Bank of Canada: A Break From Monetary Tightening (PDF, 1771 KB) - This link will open in a new window.
- October 25, 2017 - The Time Has Come for the Federal Reserve to Downsize its Balance Sheet (PDF, 1772 KB) - This link will open in a new window.
- September 20, 2017 - European Central Bank: A Higher Euro Adds Uncertainty (PDF, 1794 KB) - This link will open in a new window.
- September 7, 2017 - Bank of Canada: A Second Consecutive Key Rate Hike (PDF, 1777 KB) - This
link will open in a new window.
- September 6, 2017 - Federal Reserve: One Small Step Closer to the Normalization of the Balance Sheet (PDF, 1770 KB) - This link will open in a new window.
- July 26, 2017 - Encouraged by the Economy's Performance, the Bank of Canada Begins Raising Rates
(PDF, 1777 KB) - This link will open in a new window.
- July 12, 2017 - Federal Reserve: Another Rate Increase Despite Low Inflation (PDF, 1772 KB) - This link will open in a new window.
- June 14, 2017 - European Central Bank: Upgraded Economic Growth Forecasts Change the Tone (PDF, 1793 KB) - This link will open in a new window.
- June 8, 2017 - Bank of Canada: Monetary Authorities Remain Cautious Although Economic Conditions Have Improved
(PDF, 303 KB) - This link will open in a new window.
- May 24, 2017 - Federal Reserve: No Clear Signal About Further Firming in June (PDF, 297 KB) - This link will open in a new window.
- May 3rd, 2017 - The Bank of Canada Remains Cautious Despite Brighter Economic Conditions (PDF, 305 KB) - This link will open in a new window.
- April 12, 2017 - Federal Reserve: A Third Key Rate Increase! (PDF, 297 KB) - This link
will open in a new window.
- March 15, 2017 - Bank of Canada: The surplus capacity remains high according to the monetary authorities (PDF, 323 KB) - This link will open in a new window.
- March 1, 2017 - The Federal Reserve does not signal imminent key rate increases (PDF, 297 KB) - This link will open in a new window.
- February 1, 2017 - Bank of Canada: Uncertainties remain front and centre (PDF, 303 KB) - This
link will open in a new window.
- January 18, 2017
- The Federal Reserve finally calls for a second rate hike! (PDF, 253 KB) - This link will open in a new window.
- December 14, 2016 - European Central Bank: Securities purchases extended until December 2017, but at a slower pace
(PDF, 251 KB) - This link will open in a new window.
- December 8, 2016 - Bank of Canada: No key rate cut on the horizon...but the status quo will be extended (PDF, 303 KB) - This link will open in a new window.
- December 7, 2016 - Federal Reserve: Heading toward a rate hike in December? (PDF, 265 KB) - This link will open in a new window.
- November 2, 2016 - Bank of Canada: The monetary authorities are lowering their economic projections (PDF, 501 KB) - This link will open in a new window.
- October 19, 2016 - Federal Reserve: No rate increase yet, but the door is wide open (PDF, 262 KB) - This link will open in a new window.
- September 21, 2016 - Bank of Canada: Monetary authorities stay the course despite the economic difficulties (PDF, 249 KB) - This link will open in a new window.
- September 7, 2016 - The Bank of England adopts several measures to support the British economy (PDF, 264 KB) - This link will open in a new window.
- August 4, 2016 - Federal Reserve leaders are less worried (PDF, 257 KB) - This link will
open in a new window.
- July 27, 2016 - Bank of England: Monetary easing postponed to August 4 (PDF, 284 KB) - This link will open in a new window.
- July 14, 2016 - The Bank of Canada remains confident despite the uncertainties (PDF, 293 KB) - This link will open in a new window.
- July 13, 2016 - Federal Reserve: Employment and Brexit keep key rates from going up (PDF, 262 KB) - This link will open in a new window.
- June 15, 2016 - Bank of Canada: As expected, monetary policy status quo is still the way to go (PDF, 279 KB) - This link will open in a new window.
- May 25, 2016 - Federal Reserve: Still some doubt about a rate hike in June (PDF, 261 KB) - This link will open in a new window.
- April 27, 2016 - Key rates remain where they are, again
The Bank of Canada's scenario is now consistent with most forecasts (PDF, 258 KB) - This link will open in a new window.
- April 13, 2016 - Federal Reserve: Not ready for a second rate hike (PDF, 227 KB) - This link will open in a new window.
- March 16, 2016 - European Central Bank: A last big push? (PDF, 262 KB) - This link will
open in a new window.
- March 10, 2016 - Bank of Canada: Ongoing status quo for monetary policy (PDF, 283 KB) - This link will open in a new window.
- March 9, 2016 - One of the many breaks to be taken by the Federal Reserve (PDF, 227 KB) - This link will open in a new window.
- January 27, 2016 - Bank of Canada: Key interest rates ultimately remain unchanged (PDF, 371 KB) - This link will open in a new window.
- January 20, 2016
- Federal Reserve: The (widely anticipated) end of an era (PDF, 234 KB) - This link
will open in a new window.
- December 16, 2015 - European Central Bank: A little of everything, except acceleration in asset purchases (PDF, 281 KB) - This link will open in a new window.
- December 3, 2015 - Bank of Canada : Key interest rates do not change (PDF, 286 KB) - This link will
open in a new window.
- December 2, 2015 - Federal Reserve: The door is still ajar (PDF, 341 KB) - This link will open in a new
window.
- October 28, 2015 - European Central Bank: All possibilities are on the table, even another cut in interest rates (PDF, 355 KB) - This link will open in a new window.
- October 22, 2015 - Key interest rates stay where they are
Bank of Canada projections are slightly downgraded (PDF, 344 KB) - This link will open in a new window.
- October 21, 2015 - Federal Reserve: Not ready yet... (PDF, 318 KB) - This link will open in a new
window.
- September 17, 2015 - Bank of Canada: Key interest rates do not change
Toward an extended status quo for the target for the overnight rate (PDF, 346 KB) - This link will open in a new window.
- September 9, 2015 - European Central Bank: A dovish tone that should put more pressure on the euro (PDF, 350 KB) - This link will open in a new window.
- September 3, 2015 - The Federal Reserve stretches the suspense to September (PDF, 349 KB) - This link
will open in a new window.
- July 29, 2015 - Bank of Canada: New decrease in key rates
The Bank of Canada expects a short technical recession (PDF, 339 KB) - This link will open in a new window.
- July 15, 2015 - The Federal Reserve seems encouraged and ready to raise key rates this year (PDF, 347 KB) - This link will open in a new window.
- June 17, 2015 - Bank of Canada: Key interest rates do not change
A lot of hope rests on growth rebounding in the second quarter (PDF, 353 KB) - This link will open in a new window.
- May 27, 2015 - The Federal Reserve remains optimistic despite a gloomier view of economic conditions (PDF, 342 KB) - This link will open in a new window.
- April 29, 2015 - Bank of Canada: Key interest rates are unchanged
Drop in oil prices having a more rapid impact (PDF, 341 KB) - This link will open in a new window.
- April 15, 2015 - Federal Reserve: Neither patient, nor impatient (PDF, 338 KB) - This link will open
in a new window.
- March 18, 2015 - Bank of Canada: Unless things go off the rails again, there should be no more cuts in key interest rates
The surprise rate cut in January was enough! (PDF, 355 KB) - This link will open in a new window.
- March 4, 2015 - Federal Reserve: A solid pace for economic growth, but... (PDF, 349 KB) - This link
will open in a new window.
- January 28, 2015 - European Central Bank: Purchases of sovereign bonds will start in March (PDF, 336 KB) - This link will open in a new window.
- January 22, 2015 - Bank of Canada: Key interest rates lowered in a surprise move
The target for the overnight rate drops from 1.00% to 0.75% (PDF, 349 KB) - This link will open in a new window.
- January 21, 2015
- Federal Reserve: Patience... (PDF, 312 KB) - This link will open in a new
window.
- December 17, 2014 - The target for the overnight rate stays at 1.00%
The Bank of Canada notes some improvement in economic conditions
- December 3, 2014 (PDF, 340 KB) - Federal Reserve: The end of QE3
- October 29, 2014 (PDF, 344 KB) - The target for the overnight rate stays at 1.00%
The Bank of Canada is more concerned about imbalances in the household sector
- October 22, 2014 (PDF, 333 KB) - European Central Bank: A new suite of measures
- September 4, 2014 (PDF, 337 KB) - The target for the overnight rate stays at 1.00%
The Bank of Canada remains neutral about the next key rate change
- September 3, 2014 (PDF, 335 KB) - The Federal Reserve stays on course
- July 30, 2014 (PDF, 339 KB) - Bank of Canada: Inflation risks now seem balanced
- July 16, 2014 (PDF, 371 KB) - The Federal Reserve downgrades its growth forecast
- June 18, 2014 (PDF, 337 KB) - Here we are: Negative interest rate and even more for the European Central Bank
- June 5, 2014 (PDF, 336 KB) - Bank of Canada: Inflation is recovering, but worries increase about the economy
- June 4, 2014 (PDF, 370 KB) - The Federal Reserve is not worried about weak economic growth
- April 30, 2014 (PDF, 342 KB) - Bank of Canada: Inflation will return soon near its 2% target
- April 16, 2014 (PDF, 345 KB) - European Central Bank: The waiting continues
- April 3, 2014 (PDF, 322 KB) - Federal Reserve: Yellen and colleagues give themselves more flexibility
- March 19, 2014 (PDF, 357 KB) - European Central Bank: The status quo is being maintained despite weak forecast inflation
- March 6, 2014 (PDF, 366 KB) - Bank of Canada: The target for the overnight rate stays at 1.00%
Monetary authorities haven't changed their stance
- March 5, 2014 (PDF, 357 KB) - Federal Reserve: Securities purchases continue to wind down
- January 29, 2014 (PDF, 334 KB) - The target for the overnight rate stays at 1.00%
The Bank of Canada is raising its forecasts... but there are still major risks
- January 22, 2014 (PDF, 337 KB)
- Federal Reserve: Securities purchases begin to wind down
- December 18, 2013 (PDF, 342 KB) - The target for the overnight rate stays at 1.00%
The Bank of Canada believes downside risks to inflation are more extensive
- December 4, 2013 (PDF, 356 KB) - European Central Bank: Euro zone key interest rates are lowered
- November 7, 2013 (PDF, 347 KB) - Federal Reserve: A touch less dovish than expected
- October 30, 2013 (PDF, 350 KB) - The target for the overnight
rate stays at 1.00%
The Bank of Canada softens its stance
- October 23, 2013 (PDF, 346 KB) - Federal Reserve: No tapering of asset purchases
- September 18, 2013 (PDF, 335 KB) - Bank
of Canada: The target for the overnight rate to remain at 1.00%
The short-term outlook appears more uncertain
- September 4, 2013 (PDF, 338 KB) - Monetary policies remain unchanged in Europe
- August 1, 2013 (PDF, 349 KB) - The Federal Reserve is a bit more
dovish, but is not closing the door on slowing QE3
- July 31, 2013 (PDF, 338 KB) - The underlying message is little
changed: a long status quo for the Bank of Canada
- July 17, 2013 (PDF, 51.6 KB) - Bank of England –
European Central Bank: Foward guidance gains popularity in Europe
- July 4, 2013 (PDF, 96.0 KB) - Federal Reserve: Ben Bernanke opens the
door to a tapering of asset purchases
- June 19, 2013 (PDF, 52.7 KB) - European Central Bank: Mario Draghi dampens expectations
- June 6, 2013 (PDF, 54.5 KB) - The target for the
overnight rate stays at 1.00%
Little change to the Bank of Canada's stance
- May 29, 2013 (PDF, 51.8 KB) - European Central Bank: Key interest rates are cut to a
new low
- May 2, 2013 (PDF, 100 KB) - The Federal Reserve says it is ready to
increase or reduce its asset purchases
- May 1, 2013 (PDF, 94.5 KB) - Continued status
quo for key interest rates
The Bank of Canada lowers its outlook for economic growth
- April 17, 2013 (PDF, 93.7 KB) - Overseas central bank: Japan redoubles its
efforts while Europe is on hold
- April 4, 2013 (PDF, 96.2 KB) - The Federal Reserve determined to stay the course
- March 20, 2013 (PDF, 94.4 KB) - The target
for the overnight rate stays at 1.00%
Once again, the Bank of Canada softens its remarks somewhat
- March 6, 2013 (PDF, 94.6 KB) - Banks repay their loans to the European Central Bank
- February 7, 2013 (PDF, 99.6 KB) - The dip in real GDP does not disturb the Federal Reserve
- January 30, 2013 (PDF, 95.5 KB) - The
target for the overnight rate stays at 1.00%
The Bank of Canada expects to have to postpone rate increases
- January 23, 2013 (PDF, 94.0 KB) - European Central Bank: No rate cut as financial
variables improve
- January 10, 2013 (PDF, 100 KB)
- The Federal Reserve spells out its targets
- December 12, 2012 (PDF, 95.1 KB) - The target for the overnight rate is maintained at 1.00%
The Bank of Canada is still signalling some modest withdrawal of monetary stimulus
- December 4, 2012 (PDF, 94.9 KB) - Bank of England – European Central Bank: Wait and
see
- November 8, 2012 (PDF, 99.8 KB) - Monetary Policy Report: The Bank of Canada's outlook has barely changed
The Bank of Canada stays on course for a gradual increase to key rates
- October 24, 2012 (PDF, 94.6 KB) - Federal Reserve: Nothing new
- October 24, 2012 (PDF, 97 KB) - The target for the overnight rate stays at 1.00%
The Bank of Canada is still signalling rate hikes… but later
- October 23, 2012 (PDF, 98.2 KB) - The European Central Bank is on hold
- October 4, 2012 (PDF, 103 KB) - The Federal Reserve dives back into quantitative easing
- September 13, 2012 (PDF, 97.2 KB) - European Central Bank: Bringing out the heavy artillery
- September 6, 2012 (PDF, 105 KB) - The target for the overnight rate holds steady at 1.00%
The Bank of Canada will have to bide its time before raising interest rates
- September 5, 2012 (PDF, 98.3 KB) - The European Central Bank
is ready to defend the euro… subject to certain conditions
- August 2, 2012 (PDF, 104 KB) - The Federal Reserve opts for patience
- August 1, 2012 (PDF, 98.3 KB) - The Bank of Canada downgrades its forecasts
- July 17, 2012 (PDF, 97.6 KB) - Bank of England – European
Central Bank: Central banks present a united front
- July 5, 2012 (PDF, 100 KB) - The Federal Reserve, more worried, extends Operation
Twist
- June 20, 2012 (PDF, 99.5 KB) - Bank of Canada: The target for the overnight rate
stays at 1.00%
- June 5, 2012 (PDF, 97.1 KB) - The European Central Bank opts for
the status quo, but seems a bit more concerned
- May 3, 2012 (PDF, 101 KB) - The Federal Reserve stays the course
- April 25, 2012 (PDF, 98.2 KB) - Monetary
Policy Report: The Bank of Canada upgrades its economic outlook, but downside riks remain elevated
- April 18, 2012 (PDF, 93.3 KB) - The European Central Bank's statement puts more
stress on inflation
- April 4, 2012 (PDF, 104 KB) - Employment is doing better, but the Federal
Reserve remains cautious
- March 13, 2012 (PDF, 101 KB) - Bank of Canada: Key rates do
not change
Monetary authorities are a little more optimistic
- March 8, 2012 (PDF, 97.3 KB) - The European Central Bank raises its inflation forecast
- March 8, 2012 (PDF, 107 KB) - Europe's central banks continue with their support
- February 9, 2012 (PDF, 99.6 KB) - The Federal Reserve postpones the first rate
increases even further
- January 25, 2012 (PDF, 100 KB) - Monetary Policy Report: The Bank of Canada stays the course, slightly modifying its scenario for Canada's economy
The target for the overnight rate should remain at 1.00% until 2013
- January 18, 2012 (PDF, 92.8 KB) - Bank of Canada: The target for the overnight rate
stays at 1.00%
- January 17, 2012 (PDF, 97.9 KB) - European Central Bank: The key rate is held at 1.00%
- January 12, 2012 (PDF, 103 KB)
- The Federal Reserve is standing by
- December 13, 2011 (PDF, 101 KB) - European Central Bank: The key rate cut to its
historic low, 1.00%
- December 8, 2011 (PDF, 101 KB) - Bank of Canada: The target for the overnight rate
stays at 1.00%
The focus is on the problems in Europe
- December 6, 2011 (PDF, 98.2 KB) - European Central Bank: Surprise cut to key
interest rates in the euro zone
- November 3, 2011 (PDF, 102 KB) - Although growth has improved, the Federal Reserve
remains dovish
- November 2, 2011 (PDF, 97.0 KB) - Monetary Policy Report: The Bank of
Canada
cuts its economic forecast
Key interest rates should remain unchanged for some time to come
- October 26, 2011 (PDF, 99.3 KB) - Bank of Canada: No monetary firming for several
quarters
- October 25, 2011 (PDF, 98.4 KB) - Bank of England – European
Central Bank: New quantitative easing in the United Kingdom
- October 6, 2011 (PDF, 102 KB) - Federal Reserve: Ready for Operation Twist!
- September 21, 2011 (PDF, 101 KB) - European Central Bank: The key rate should
stay at 1.50% for a long time
- September 8, 2011 (PDF, 101 KB) - Bank of Canada: The target for the overnight rate
stays at 1.00%
No rate increases for several quarters
- September 7, 2011 (PDF, 99.2 KB) - The Federal Reserve
plans to keep the federal funds rate close to zero until at least mid-2013
- August 9, 2011 (PDF, 99.2 KB) - The Bank of England maintains
status quo; the European Central Bank injects liquidity
- August 4, 2011 (PDF, 100 KB) - Monetary Policy Report:
The
Bank of Canada's scenario is still relatively optimistic
Key interest rates may be raised by the end of 2011
- July 20, 2011 (PDF, 93.7 KB) - Bank of Canada: The target for the overnight rate
stays at 1.00%
The Bank of Canada seems prepared to raise its rates... once the risks fade
- July 19, 2011 (PDF, 97.9 KB) - European Central Bank: Inflation concerns are
driving rate increases
- July 7, 2011 (PDF, 105 KB) - Federal Reserve hands tied by inflation and
unemployment
- June 22, 2011 (PDF, 100 KB) - Status quo in June, but the
European Central Bank signals a second increase in July
- June 9, 2011 (PDF, 102 KB) - Bank of Canada: The target for the overnight
rate is maintained at 1.00%
- May 31, 2011 (PDF, 99.2 KB) - Status quo for Europe's central banks
- May 5, 2011 (PDF, 100 KB) - Federal Reserve: New format, same message
- April 27, 2011 (PDF, 101 KB) - Bank of Canada Monetary
Policy Report: Full production capacity could be reached sooner than expected
- April 13, 2011 (PDF, 93.7 KB) - Bank of Canada: The target for the overnight rate
maintained at 1.00%
- April 12, 2011 (PDF, 98.6 KB) - European Central Bank: Monetary firming in the euro
zone
- April 7, 2011 (PDF, 102 KB) - The Federal Reserve is more
confident about the economy, but more concerned about inflation
- March 15, 2011 (PDF, 103 KB) - Bank of Canada: The target for the overnight rate remains
- European Central Bank: Inflation will be tightly monitored, but the key rate should be steady for several more months
- February 3, 2011 (PDF, 104 KB) - The Federal Reserve stands pat even though the
situation has improved
- January 26, 2011 (PDF, 103 KB) - Monetary Policy Report: The Bank of
Canada is a little more optimistic
- January 19, 2011 (PDF, 96.9 KB) - Bank of Canada: The target
for the overnight rate will stay at 1.00% for a few more months
- January 18, 2011 (PDF, 99.8 KB) - Bank of England – European
Central Bank: Status quo with a close watch on inflation
- January 13, 2011 (PDF, 100 KB)
- The Federal Reserve stays the course
- December 14, 2010 (PDF, 105 KB) - The Bank of Canada is still on
hold: the target for the overnight rate stays at 1.00%
- December 7, 2010 (PDF, 99.9 KB) - The European banks do not follow the Federal Reserve's
example
- November 4, 2010 (PDF, 100 KB) - The Federal Reserve takes the plunge on
additional quantitative measures
- November 3, 2010 (PDF, 99.0 KB) - Monetary Policy Report: The BoC
downgrades
its outlook substantially
- October 20, 2010 (PDF, 95.8 KB) - Bank of Canada: the target for the overnight rate
stays at 1.00%
- October 19, 2010 (PDF, 99.9 KB) - No change to European monetary policies
- October 7, 2010 (PDF, 100 KB) - The Federal Reserve stays put, but
opens the door to further accommodative measures
- September 21, 2010 (PDF, 98.9 KB) - Bank of Canada: The key rate continues to climb
- September 8, 2010 (PDF, 102 KB) - The Federal Reserve's tone becomes even more dovish
- August 10, 2010 (PDF, 98.7 KB) - Bank of England –
European Central Bank: There is no hurry to tighten monetary policy in Europe
- August 5, 2010 (PDF, 100 KB) - Monetary Policy Report: The Bank of
Canada tempers its forecast slightly
- July 22, 2010 (PDF, 98.0 KB) - Bank of Canada: A second key interest rate hike
- July 20, 2010 (PDF, 99.9 KB) - Bank of England – European Central Bank: Nothing new
abroad
- July 8, 2010 (PDF, 99.6 KB) - The Federal Reserve adopts a slightly less optimistic
tone
- June 23, 2010 (PDF, 119 KB) - Bank of England – European
Central Bank: monetary policies in Europe remain unchanged
- June 10, 2010 (PDF, 99.6 KB) - Bank of Canada: monetary firming kicks off
- June 1, 2010 (PDF, 100 KB) - European Central Bank: European
authorities take major action to stabilize the markets
- May 10, 2010 (PDF, 103 KB) - European Central Bank: no new measures to reassure
markets
- May 6, 2010 (PDF, 99.4 KB) - The Federal Reserve's position remains unchanged
- April 28, 2010 (PDF, 104 KB) - Monetary Policy Report: the Bank of Canada is
optimistic
- April 22, 2010 (PDF, 101 KB) - Bank of Canada: key rate hike as of June
- April 20, 2010 (PDF, 107 KB) - Bank of England – European
Central Bank: monetary policies in Europe remain unchanged
- April 8, 2010 (PDF, 100 KB) - Special measures draw to a close: the Federal
Reserve is in watch mode
- March 16, 2010 (PDF, 98.9 KB) - European key rates will remain at floor level for
some time to come
- March 4, 2010 (PDF, 100 KB) - Bank of Canada: rate hikes in the second half
of 2010
- March 2, 2010 (PDF, 102 KB) - Bank of England – European Central Bank: no
rate increase in sight
- February 4, 2010 (PDF, 100 KB) - Federal Reserve: nothing new... except for some dissent
- January 27, 2010 (PDF, 101 KB) - Bank of Canada Monetary Policy Report: The
recovery is underway
- January 21, 2010 (PDF, 96.7 KB) - The Bank of Canada stays the course: too
early for interest rate increases
- January 19, 2010 (PDF, 99.3 KB) - European Central Bank: European governments
will have to help themselves
- January 14, 2010 (PDF, 102 KB) - Bank of England: no changes in monetary policy
- January 7, 2010 (PDF, 99.5 KB)
- The Federal Reserve is a bit more upbeat, but still
cautious
- December 16, 2009 (PDF, 101 KB) - The Bank of Canada stays on course: no
change until (at least) June 2010
- December 8, 2009 (PDF, 98.6 KB) - Bank of England: quantitative measures expand slightly
- November 5, 2009 (PDF, 109 KB) - 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 – 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 – 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)
- 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 – European Central Bank:
aggressive rate cuts in Europe
- December 4, 2008 (PDF, 110 KB) - Bank of England –
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 – 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 – 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 fearsdictates 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 – European Central Bank:
inflation fears notch up
- June 5, 2008 (PDF, 129 KB) - Bank of England – 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) - Bank of England – European Central
Bank: 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)
- 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)
- 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 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)
- 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)