Desjardins website
Choose province (Canada) or state (United States), and language
Online services – AccèsD, AccèsD Affaires, online brokerage, full service brokerage.
Log on to Desjardins online services.
You are here: Home > About us > Economic studies > News and financial markets > Essentials of the Monetary Policy
Your browser is configured to not accept cookies.
Some features of the site are not available or will not work correctly without cookies. Also, some information presented might not apply to your situation.
See How to enable cookies
Your browser is not supported by our website. Some features of the site are not available or will not work correctly.
See the procedure to update your browser.
Microsoft Edge causes problems on AccèsD. To fix the issue, please install the most recent Windows update.
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.
- 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)
To receive our publications by email