The Bank of Canada published a report summarizing public and stakeholder feedback on the renewal of Canada's monetary policy framework.
The Bank and the Government of Canada review and renew the monetary policy framework agreement every five years. The current renewal is expected before the end of 2026, and the consultation report is one input into that process.
The consultations focused on inflation, monetary policy, and three research questions: how policy should respond to adverse supply shocks, how the Bank should assess and communicate inflation in a more volatile economy, and how monetary policy affects housing demand, housing supply, and shelter inflation measurement.
The Bank said it held conversations in communities across Canada and met with stakeholders from the research community, private sector, and civil society. The feedback indicated strong support for maintaining flexible inflation targeting and the 2% inflation target.
At the same time, participants raised concerns about the high cost of living and housing affordability. They also emphasized that clear communication about the information used in interest-rate decisions is important for public confidence in the central bank.
The report does not announce an interest-rate decision. Its importance is broader: it shows that the Bank is weighing supply shocks, shelter costs, communication, and public confidence as it prepares the framework that will guide future monetary-policy decisions.