Communicating about inflation: the Bank of Canada’s conundrum

Publishing the bank's projected policy rate path would show more clearly how it intends to reach its inflation objective.

Bank of Canada Governor Tiff Macklem. The upcoming renewal of the inflation target is a unique chance for the bank to change its communication strategy, and bring renewed clarity to markets and ordinary people, write Jeremy Kronick, Thorsten Koeppl, and Steve Ambler. The Hill Times photograph by Andrew Meade

Opinion

BY JEREMY KRONICK, THORSTEN KOEPPL, STEVE AMBLER

July 1, 2026

The Bank of Canada should continue to seek improved measures of underlying or core inflation for its own internal use. However, it should reduce its reliance on these measures in communicating with the public, and, as we argue in a recent C.D. Howe Institute

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