World Economy/Canada

🇨🇦

Canada

CAN

Americas • Sovereign Currency: CAD

Analyze Canada with Schema AI

Nominal GDP

$2.24T

2024 Nominal

Annual GDP Growth

+1.1%

YoY Q3 2024 YoY

Inflation (CPI)

2.0%

Oct 2024 YoY

Policy Rate

3.75%

Overnight Target

10Y Sovereign Yield

3.28%

Canada 10Y Benchmark

Unemployment Rate

6.5%

Oct 2024

Debt-to-GDP

106.8%

2024 General Government

Trade Balance

$-1.3B

Sep 2024 Merchandise

BLOOMBERG ECONOMICS MONETARY POLICY TRANSMISSION

🇨🇦BANK OF CANADA POLICY DASHBOARD

Target Instrument: Target for the Overnight Rate • Sovereign: Canada (CAN)

STANCE: neutral

Next Meeting: 2026-12-11

LOOSER CONDITIONSIN LINE WITH TARGETTIGHTER CONDITIONS

STATUTORY BENCHMARK

3.75%Unchanged (0 bps)

Target for the Overnight Rate

REAL CARRY SPREAD (r - π)

+1.75%

Restrictive Drag

OVERNIGHT BENCHMARK (CORRA)

3.70%-5 bps

Canadian Overnight Repo Rate Average

YIELD CURVE SLOPE (10Y - r)

-0.47%

Inverted Term Structure

WAGES & PRICES2 METRICS

Headline CPI Inflation (YoY)Oct 2024 YoY

Anchored within standard statutory price stability corridor

Statistics CanadaRef

2.00%

LOOSER

Distance to Inflation Target (2.0%)Oct 2024 YoY

Inflation below 2% target anchor by 0.00 percentage points

Statistics CanadaRef

0.00%

LOOSER

SUPPLY & DEMAND2 METRICS

Annual Real GDP Growth RateQ3 2024 YoY

Sluggish real economic momentum

Statistics CanadaRef

1.10%

MILD TIGHT

Unemployment Rate (Labor Slack)Oct 2024

Elevated civilian labor slack exerting downward wage pressure

Statistics CanadaRef

6.50%

IN LINE

FINANCIAL CONDITIONS4 METRICS

Target for the Overnight RateOvernight Target

Official statutory policy target rate set by Bank of Canada

Bank of Canada (BoC)Ref

3.75%

LOOSER

Real Carry Rate (Policy - CPI)Calculated

Positive real return regime delivering restrictive monetary drag

Bank of Canada vs Statistics Canada

+1.75%

LOOSER

10-Year Sovereign Benchmark YieldCanada 10Y Benchmark

Long-term sovereign borrowing benchmark discounting term premium & inflation risk

Bank of Canada RatesRef

3.28%

LOOSER

Yield Curve Slope (10Y - Policy Rate)Calculated

Inverted yield curve by 0.47% signaling restrictive monetary drag

Sovereign Debt Desk vs Central Bank Target

-0.47%

TIGHTER

EXTERNAL & FISCAL2 METRICS

Current Account / Trade BalanceSep 2024 Merchandise

Trade deficit requiring external capital inflows or debt financing

Statistics CanadaRef

$-1.3B

IN LINE

General Government Debt / GDP2024 General Government

High public debt burden consuming fiscal policy maneuverability

IMF Fiscal Monitor / Department of FinanceRef

106.80%

MILD TIGHT

HISTORICAL RATE DECISION TRAJECTORY (TARGET FOR THE OVERNIGHT RATE)

Verified Chronological Decisions

2026-10-09

3.75%

Policy Assessment Summary: Target for the overnight financing rate.

Key Domestic Equities & Capital Markets

Major corporate champions tracked in WOWS with sovereign economic exposure

Index: S&P/TSX Composite (TSX)

RY• Banking

Royal Bank of Canada

TD• Banking

Toronto-Dominion Bank

ENB• Energy Infrastructure

Enbridge Inc

SHOP• E-Commerce

Shopify Inc