Monetary Policy Report - October 2021

Monetary Policy Report - October 2021

October 27, 2021
Cryptocurrency Blockchain SmartContract

Skip to content

[ Home ][1]

Search the site

Search __

[FR][2]

[ __Home ][3] Toggle navigation [FR][2] Toggle Search __

Search the site Search __

  • [About The Bank ][4]

[About the Bank][4]

* [The Bank's History][5]
* [The Bank's Head Office][6]
* [Regional Offices][7]
* [Photos & Videos][8]
* [Contact][9]
* [Archives][10]
* [Background materials][11]

Corporate Governance

* [Board of Directors][12]
* [Governing Council and Senior Management][13]
* [Governance Documents][14]

[Educational Resources][15]

* [The Economy, Plain and Simple][16]
* [Explainers][17]
* [Financial Education Resources][18]

![Careers][19]

[

Careers

][20]

Take a central role at the Bank of Canada with our current opportunities and scholarships.

  • [Core Functions ][21]

[Core Functions][21]

* [Monetary Policy][22]
* [Financial System][23]
* [Currency][24]
* [Funds Management][25]

* [Key Interest Rate: Target for the Overnight Rate][26]
* [Unclaimed Balances][27]

![Toward 2021][28]

[

Toward 2021

][29]

Reviewing the Monetary Policy Framework.

![The Bank of Canada atrium.][30]

[

Climate Change and the Bank of Canada

][31]

We’re taking steps to better understand the impacts of climate change on the economy and to reduce our environmental footprint.

  • [Markets ][32]

[Markets][32]

* [About Financial Markets][33]
* [Market Notices][34]
* [Term Repos][35]
* [Market Operations and Liquidity Provision][36]
* [Canadian Foreign Exchange Committee][37]
* [Canadian Fixed-Income Forum][38]
* [Canadian Alternative Reference Rate Working Group][39]

[Government Securities Auctions][40]

* [Calls for Tenders and Results][41]
* [Schedules and Results][42]
* [Rules and Terms][43]
* [Forms and Certificates][44]
* [Data][45]
* [Definitions and Formulas][46]

[ Market Notices ][47]

* October 27, 2021 [Balance sheet operations for the reinvestment of proceeds of maturing Government of Canada bonds][48]
* October 18, 2021 [Operational details for upcoming secondary market purchases of Government of Canada securities (October 25-November 5)][49]

[See More][47]

  • [Bank Notes ][50]

[Bank Notes][50]

* [Bank Notes Past and Present][51]
* [Bank Note Redemption Service][52]
* [Counterfeit Prevention][53]
* [Multimedia][54]
* [Principles of Design][55]
* [Research and Reports][56]
* [Training and Education][57]

![The next bank NOTE-able Canadian][58]

[

The next bank NOTE-able Canadian

][59]

See the short list of portrait candidates for the next $5 bank note.

![Upcoming changes to legal tender status for older bank notes][60]

[

][61]

Find out what “legal tender” means, why legal tender status changes, and how to redeem older bank notes.

  • [Publications ][62]

[Publications][62]

* [Annual & Quarterly Report][63]
* [Business Outlook Survey][64]
* [Canadian Survey of Consumer Expectations][65]
* [The Economy, Plain and Simple][16]
* [Monetary Policy Report][66]
* [Senior Loan Officer Survey][67]

[

Browse Publications

][68]

Browse and filter Bank of Canada publications by author, JEL code, topic and content type.

[Financial System Hub][69]

* [Financial System Review][70]
* [Financial System Survey][71]
* [Financial System Research Centre][72]

Historical Publications

* [Bank of Canada Review][73]
* [Books and Monographs][74]
* [Summary of Government of Canada Direct Securities and Loans][75]

![Monetary Policy Report – October][76]

[

Monetary Policy Report - October 2021

][77]

The Canadian economy is once again growing robustly, and the recovery from COVID-19 continues. The Bank is forecasting growth of around 5 percent in 2021, 4 ¼ percent in 2022 and 3 ¾ percent in 2023.

  • [Research ][78]

[Research][78]

* [Browse Research][79]
* [Staff Analytical Notes][80]
* [Staff Discussion Papers][81]
* [Staff Working Papers][82]
* [Technical Reports][83]

People

* [Economic Staff][84]
* [Author List][85]

[Awards][86]

* [Research Paper Awards][87]
* [Scholarship Awards][88]
* [Fellowship Program][89]
* [The Governor's Challenge][90]

[Collaboration][91]

* [Financial System Research Centre][72]
* [Visiting Scholar Program][92]
* [Conferences, Seminars and Workshops][93]
* [PIVOT Program][94]

![Digital Currencies and Fintech][95]

[

Digital Currencies and Fintech

][96]

Understanding digital currencies and related financial technologies is an important part of our research agenda.

  • [Press ][97]

[Press][97]

* [Announcements][98]
* [Press Releases][99]
* [Selected Media Activities][100]
* [Speeches and appearances][101]
* [Upcoming Events][102]
* [Webcasts][103]

[

Browse Press

][104]

Browse and filter Bank of Canada press content by topic, author, location and content type.

Info

* [Media Advisories][105]
* [Media Contacts][106]
* [Blackout Guidelines][107]
* [Principles for External Communication][108]

![][109]

![][110]

[

Monetary Policy Report - Press Conference (Webcasts) - October 2021

][111]

Release of the Monetary Policy Report - Press conference by Governor Tiff Macklem (11:00 (ET) approx.).

  • [Statistics ][112]

[Statistics][112]

* [Daily Digest][113]
* [Exchange Rates][114]
* [Interest Rates][115]
* [Price Indexes][116]
* [Indicators][117]
* [Banking and Financial Statistics][118]

* [Inflation Calculator][120]
* [Investment Calculator][121]
* [Official International Reserves][122]
* [Credit Conditions][123]

[

Staff Economic Projections

][124]

These forecasts are provided to Governing Council in preparation for monetary policy decisions. They are released once a year with a five- year lag.

Search the site Toggle Search

  • [Home][125]
  • [Publications][62]
  • [Monetary Policy Report][66]

Monetary Policy Report - October 2021

October 27, 2021

[ __][126][ __][127][ __][128][ __][129]

Available as: [PDF][130]

The Canadian economy is once again growing robustly, and the recovery from COVID-19 continues. The Bank is forecasting growth of around 5 percent in 2021, 4 ¼ percent in 2022 and 3 ¾ percent in 2023.

What you need to know about the Bank of Canada’s assessment of the Canadian economy.

Content Type(s): [Publications][131], [Monetary Policy Report][132]

[

Bank of Canada maintains policy rate and forward guidance, ends

quantitative easing

][133]

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.

[

Monetary Policy Report - Press Conference (Webcasts) - October 2021

][111]

Release of the Monetary Policy Report - Press conference by Governor Tiff Macklem (11:00 (ET) approx.).

[

Monetary Policy Report Press Conference Opening Statement

][134]

Governor Tiff Macklem discusses key issues involved in the Governing Council’s deliberations about the policy rate decision and the MPR.

About

  • [Contact][9]
  • [Careers][135]
  • [Press][97]
  • [Educational Resources][15]
  • [Valet API][136]

Affiliate Sites

  • [Bank of Canada Museum][137]
  • [Canada Savings Bonds][138]
  • [Unclaimed Balances][27]
  • [Terms & Conditions][139]
  • [Privacy][140]
  • [Access to Information & Privacy (ATIP)][141]
  • [Info Source][142]
  • [Fraud Prevention][143]

Follow the Bank

  • [__Twitter][144]
  • [__YouTube][145]
  • [__Flickr][146]
  • [__LinkedIn][147]
  • [__RSS Feeds][148]
  • [__Email Alerts][149]

We use [cookies][150] to help us keep improving this website.

[ Accept and continue ][150]

  1. www.bankofcanada.ca/ (Home)
  2. www.banqueducanada.ca/2021/10/rpm-2021-10-27/
  3. www.bankofcanada.ca/
  4. www.bankofcanada.ca/about/
  5. www.bankofcanada.ca/about/history/
  6. www.bankofcanada.ca/about/bank-head-office/
  7. www.bankofcanada.ca/about/contact-information/regional-offices/
  8. www.bankofcanada.ca/about/photos-and-videos/
  9. www.bankofcanada.ca/about/contact-information/
  10. www.bankofcanada.ca/about/archives/
  11. www.bankofcanada.ca/search/?content_type%5B%5D=background-materials
  12. www.bankofcanada.ca/about/board-of-directors/
  13. www.bankofcanada.ca/about/governing-council/
  14. www.bankofcanada.ca/about/governance-documents/
  15. www.bankofcanada.ca/about/educational-resources/
  16. www.bankofcanada.ca/publications/the-economy-plain-and-simple/
  17. www.bankofcanada.ca/about/educational-resources/explainers/
  18. www.bankofcanada.ca/about/educational-resources/financial-education-resources/
  19. www.bankofcanada.ca/wp-content/uploads/2016/10/careers-menu.jpg
  20. www.bankofcanada.ca/careers/ (Careers)
  21. www.bankofcanada.ca/core-functions/
  22. www.bankofcanada.ca/core-functions/monetary-policy/
  23. www.bankofcanada.ca/core-functions/financial-system/
  24. www.bankofcanada.ca/core-functions/currency/
  25. www.bankofcanada.ca/core-functions/funds-management/
  26. www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/
  27. www.bankofcanada.ca/unclaimed-balances/
  28. www.bankofcanada.ca/wp-content/uploads/2018/02/leadbg-red-500x250.jpg
  29. www.bankofcanada.ca/toward-2021-renewing-the-monetary-policy-framework/ (Toward 2021)
  30. www.bankofcanada.ca/wp-content/uploads/2021/10/green-callout-500x250.jpg
  31. www.bankofcanada.ca/2021/10/climate-change-bank-of-canada/ (Climate Change and the Bank of Canada)
  32. www.bankofcanada.ca/markets/
  33. www.bankofcanada.ca/markets/about-financial-markets/
  34. www.bankofcanada.ca/markets/market-notices/
  35. www.bankofcanada.ca/rates/indicators/market-operations-indicators/term-repos/
  36. www.bankofcanada.ca/markets/market-operations-liquidity-provision/
  37. www.bankofcanada.ca/markets/canadian-foreign-exchange-committee/
  38. www.bankofcanada.ca/markets/canadian-fixed-income-forum/
  39. www.bankofcanada.ca/markets/canadian-alternative-reference-rate-working-group/
  40. www.bankofcanada.ca/markets/government-securities-auctions/
  41. www.bankofcanada.ca/markets/government-securities-auctions/calls-for-tenders-and-results/
  42. www.bankofcanada.ca/markets/government-securities-auctions/#sched
  43. www.bankofcanada.ca/markets/government-securities-auctions/#rules
  44. www.bankofcanada.ca/markets/government-securities-auctions/#forms
  45. www.bankofcanada.ca/markets/government-securities-auctions/#data
  46. www.bankofcanada.ca/markets/government-securities-auctions/#def
  47. www.bankofcanada.ca/?content_type=notices&post_type%5B0%5D=post&post_type%5B1%5D=page
  48. www.bankofcanada.ca/2021/10/balance-sheet-operations-for-the-reinvestment-of-proceeds-of-maturing-government-of-canada-bonds/
  49. www.bankofcanada.ca/2021/10/operational-details-upcoming-secondary-market-purchases-government-canada-securities-october-25-november-5/
  50. www.bankofcanada.ca/banknotes/
  51. www.bankofcanada.ca/banknotes/bank-note-series/
  52. www.bankofcanada.ca/banknotes/bank-note-redemption-service/
  53. www.bankofcanada.ca/banknotes/counterfeit-prevention/
  54. www.bankofcanada.ca/banknotes/bank-notes-multimedia/
  55. www.bankofcanada.ca/banknotes/principles-bank-note-design/
  56. www.bankofcanada.ca/banknotes/bank-notes-research-reports/
  57. www.bankofcanada.ca/banknotes/audience-specific-resources/
  58. www.bankofcanada.ca/wp-content/uploads/2020/01/5_callout-500x250.jpg
  59. www.bankofcanada.ca/banknotes/banknoteable-5/nominees/ (The next bank NOTE-able Canadian)
  60. www.bankofcanada.ca/wp-content/uploads/2018/02/header-image-500x250.jpg
  61. www.bankofcanada.ca/banknotes/about-legal-tender/ (About legal tender)
  62. www.bankofcanada.ca/publications/
  63. www.bankofcanada.ca/publications/annual-reports-quarterly-financial-reports/
  64. www.bankofcanada.ca/publications/bos/
  65. www.bankofcanada.ca/publications/canadian-survey-of-consumer-expectations/
  66. www.bankofcanada.ca/publications/mpr/
  67. www.bankofcanada.ca/publications/slos/
  68. www.bankofcanada.ca/publications/browse/ (Browse Publications)
  69. www.bankofcanada.ca/core-functions/financial-system/financial-system-hub/
  70. www.bankofcanada.ca/publications/browse/?content_type%5B%5D=542&content_type%5B%5D=858
  71. www.bankofcanada.ca/publications/browse/?content_type%5B%5D=21664
  72. www.bankofcanada.ca/research/financial-system-research-centre/
  73. www.bankofcanada.ca/publications/boc-review/
  74. www.bankofcanada.ca/publications/books-and-monographs/
  75. www.bankofcanada.ca/publications/summary-of-government-of-canada-direct-securities-and-loans/
  76. www.bankofcanada.ca/wp-content/uploads/2020/01/MPR-October-500x250-1579031458.jpg
  77. www.bankofcanada.ca/2021/10/mpr-2021-10-27/ (Monetary Policy Report - October 2021)
  78. www.bankofcanada.ca/research/
  79. www.bankofcanada.ca/research/browse/
  80. www.bankofcanada.ca/research/browse/?content_type%5B%5D=20191
  81. www.bankofcanada.ca/research/browse/?content_type%5B%5D=33
  82. www.bankofcanada.ca/research/browse/?content_type%5B%5D=31
  83. www.bankofcanada.ca/research/browse/?content_type%5B%5D=35
  84. www.bankofcanada.ca/research/economic-staff/
  85. www.bankofcanada.ca/research/author-list/
  86. www.bankofcanada.ca/research/?#awards
  87. www.bankofcanada.ca/research/research-paper-awards/
  88. www.bankofcanada.ca/careers/scholarship-awards/
  89. www.bankofcanada.ca/research/fellowship-program/
  90. www.bankofcanada.ca/research/governors-challenge/
  91. www.bankofcanada.ca/research/?#collaboration
  92. www.bankofcanada.ca/research/visiting-scholar-program/
  93. www.bankofcanada.ca/research/conferences-workshops/
  94. www.bankofcanada.ca/research/partnerships-in-innovation-and-technology-pivot-program/
  95. www.bankofcanada.ca/wp-content/uploads/2017/05/digital-postcallout-500x250-1573688506.jpg
  96. www.bankofcanada.ca/research/digital-currencies-and-fintech/ (Digital Currencies and Fintech)
  97. www.bankofcanada.ca/press/
  98. www.bankofcanada.ca/press/announcements/
  99. www.bankofcanada.ca/press/press-releases/
  100. www.bankofcanada.ca/press/selected-media-activities/
  101. www.bankofcanada.ca/press/speeches/
  102. www.bankofcanada.ca/press/upcoming-events/
  103. www.bankofcanada.ca/press/speeches/webcasts/
  104. www.bankofcanada.ca/press/browse/ (Browse Press)
  105. www.bankofcanada.ca/press/media-advisories/
  106. www.bankofcanada.ca/press/contacts/
  107. www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/blackout-guidelines/
  108. www.bankofcanada.ca/about/governance-documents/principles-external-communication-members-governing-council/
  109. www.bankofcanada.ca/wp-content/uploads/2021/10/webcast-mpr-macklem-2021-10-27-500x250.jpg
  110. www.bankofcanada.ca/wp-content/themes/parent-build/images/play-button.png
  111. www.bankofcanada.ca/multimedia/monetary-policy-report-press-conference-webcasts-october-2021/ (Monetary Policy Report - Press Conference (Webcasts) - October 2021)
  112. www.bankofcanada.ca/rates/
  113. www.bankofcanada.ca/rates/daily-digest/
  114. www.bankofcanada.ca/rates/exchange/
  115. www.bankofcanada.ca/rates/interest-rates/
  116. www.bankofcanada.ca/rates/price-indexes/
  117. www.bankofcanada.ca/rates/indicators/
  118. www.bankofcanada.ca/rates/banking-and-financial-statistics/
  119. www.bankofcanada.ca/rates/related/
  120. www.bankofcanada.ca/rates/related/inflation-calculator/
  121. www.bankofcanada.ca/rates/related/investment-calculator/
  122. www.bankofcanada.ca/rates/related/international-reserves/
  123. www.bankofcanada.ca/rates/related/credit-conditions/
  124. www.bankofcanada.ca/rates/staff-economic-projections/ (Staff Economic Projections)
  125. www.bankofcanada.ca
  126. www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.bankofcanada.ca%2F2021%2F10%2Fmpr-2021-10-27%2F (Share this page on Facebook)
  127. twitter.com/intent/tweet?text=Currently+reading%3A&url=https%3A%2F%2Fwww.bankofcanada.ca%2F2021%2F10%2Fmpr-2021-10-27%2F (Share this page on Twitter)
  128. www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.bankofcanada.ca%2F2021%2F10%2Fmpr-2021-10-27%2F&title=Monetary+Policy+Report+-+October+2021 (Share this page on LinkedIn)
  129. mailto:?Subject=Monetary%20Policy%20Report%20-%20October%202021&body=Currently%20reading%3A%20https%3A%2F%2Fwww.bankofcanada.ca%2F2021%2F10%2Fmpr-2021-10-27%2F (Share this page by email)
  130. www.bankofcanada.ca/wp-content/uploads/2021/10/mpr-2021-10-27.pdf
  131. www.bankofcanada.ca/search/?content_type%5B%5D=publications
  132. www.bankofcanada.ca/search/?content_type%5B%5D=mpr
  133. www.bankofcanada.ca/2021/10/fad-press-release-2021-10-27/ (Bank of Canada maintains policy rate and forward guidance, ends quantitative easing)
  134. www.bankofcanada.ca/2021/10/opening-statement-271021/ (Monetary Policy Report Press Conference Opening Statement)
  135. www.bankofcanada.ca/careers/
  136. www.bankofcanada.ca/valet/
  137. www.bankofcanadamuseum.ca/
  138. csb.gc.ca
  139. www.bankofcanada.ca/terms/
  140. www.bankofcanada.ca/privacy/
  141. www.bankofcanada.ca/about/contact-information/atip/
  142. www.bankofcanada.ca/about/contact-information/atip/info-source/
  143. www.bankofcanada.ca/2020/07/protecting-yourself-from-scams/
  144. twitter.com/bankofcanada
  145. www.youtube.com/user/bankofcanadaofficial
  146. www.flickr.com/photos/bankofcanada/
  147. www.linkedin.com/company/12682
  148. www.bankofcanada.ca/rss-feeds/
  149. www.bankofcanada.ca/email-alerts/
  150. www.bankofcanada.ca/privacy/website-privacy-practices/