Bank of Canada describes how non-traditional data and expanded outreach inform policy decisions after holding rate at 2.75%

The Bank of Canada published a speech summary from Deputy Governor Sharon Kozicki setting out how the Governing Council is broadening its information set beyond traditional macroeconomic releases to make monetary policy decisions, a day after the Bank decided to keep the policy interest rate at 2.75%. The remarks emphasise using faster, more granular indicators and direct engagement with Canadians to interpret economic conditions in a period of heightened uncertainty. Kozicki highlighted that standard data on inflation, jobs and housing can be backward-looking and high level, and that non-traditional, higher-frequency data can reveal underlying shifts more quickly. Examples included using restaurant reservations, flight bookings and credit card transactions during the COVID-19 pandemic, and currently tracking truck crossings at the Canada–US border and shipping volumes at ports to gauge the early impact of tariffs. She also pointed to the Bank’s surveys as key inputs, including the quarterly Business Outlook Survey, the monthly Business Leaders’ Pulse and the quarterly Canadian Survey of Consumer Expectations, alongside expanded in-person outreach with businesses, industry groups and communities, including Indigenous Peoples, labour unions, public officials and social services organisations. The speech indicated these data and engagement efforts will remain a central part of how the Bank assesses evolving conditions and the transmission of trade-related uncertainty.