According to the Bank of Canada's (BoC) minutes from a recent meeting that was released Wednesday, the governing council saw the risk that consumer spending could be significantly weaker than expected in 2025 and 2026.
According to the Bank of Canada 's minutes from a recent meeting that was released Wednesday, the governing council saw the risk that consumer spending could be significantly weaker than expected in 2025 and 2026. Key quotes Spending in 2025 and 2026 could be hit by the number of households likely to be renewing their mortgages at higher rates. Spending per person is expected to recover as rates decline but many households will still face significant debt-servicing costs.
Bank of Canada FAQs What is the Bank of Canada and how does it influence the Canadian Dollar? The Bank of Canada , based in Ottawa, is the institution that sets interest rates and manages monetary policy for Canada. It does so at eight scheduled meetings a year and ad hoc emergency meetings that are held as required. The BoC primary mandate is to maintain price stability, which means keeping inflation at between 1-3%. Its main tool for achieving this is by raising or lowering interest rates.
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