Bank of Canada

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Monetary Policy

Decision-making process

Final briefing and recommendations

At the final briefing, the Governing Council meets with the other members of the Monetary Policy Review Committee, which includes the six advisers, the chiefs of the four economics departments, and the directors of the financial markets divisions in Montréal and Toronto. This meeting typically takes place on the Friday morning preceding a fixed announcement date.

The meeting begins with an update on any economic or financial information received since the staff completed its analysis.

This is followed by a wide-ranging discussion of the economic outlook, the balance of risks, and of the appropriate setting for interest rates. Each of the advisers, chiefs, and directors provides his or her assessment and makes a recommendation on the appropriate interest rate setting.

The Chief of the Financial Markets Department then discusses market expectations regarding the Bank's upcoming decision. This discussion highlights what market participants see as the factors weighing on the decision and how key messages should be communicated.

Next: Deliberation and decision