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Articles by Tiff Macklem
Central banks and macro financial stability in a fragmented global economy
The 25th BIS Annual Conference took place in Basel, Switzerland on 26 June 2026. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the theme “Central banks and macro-financial stability in a fragmented global economy”. Three papers presented at the conference are released as BIS Working Papers, nos 1384, 1385 and 1386, while the fourth paper will be released as BIS Working Paper no 1387 at a later date.
Navigating uncertainty and adapting to change
Good afternoon. It’s a pleasure to be here in Halifax. I’d like to thank the Halifax Partnership for the invitation and all of you for joining us today. In February, I gave a speech about structural change—the profound economic adjustment facing Canada and the world. I highlighted increased trade tensions, rapid advances in artificial intelligence (AI), and demographic changes that were beginning to reshape our economy.
Navigating uncertainty and adapting to change
Remarks Halifax Partnership Available as: PDF Introduction Good afternoon. It’s a pleasure to be here in Halifax. I’d like to thank the Halifax Partnership for the invitation and all of you for joining us today. In February, I gave a speech about structural change—the profound economic adjustment facing Canada and the world. I highlighted increased trade tensions, rapid advances in artificial intelligence (AI), and demographic changes that were beginning to reshape our economy.
Adapting to structural forces, navigating uncertainty
Speech summary Halifax Partnership Governor Tiff Macklem discusses how businesses and households are adapting to the long-term forces reshaping the Canadian economy. He then examines how renewed trade tensions and high energy prices are affecting the outlook for economic growth and inflation. Watch Governor Macklem speak to the Halifax Partnership in Halifax, Nova Scotia. Read the full speech. Read the full speech.
Monetary Policy Decision
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s monetary policy decision. Since our last decision in July, the conflict in the Middle East has persisted without a clear path to resolution. Closer to home, the United States has imposed new tariffs on Canadian exports, and the Canadian government has responded with proportionate counter-tariffs and new supports for hard-hit businesses and workers.
Unveiling of Vertical $20 Bank Note
Remarks Ottawa, Ontario Available as: PDF Thank you, Maureen. And thanks to everyone for joining us on this special day. I’d like to welcome Her Excellency the Right Honourable Louise Arbour, Governor General of Canada. The Governor General is the King’s representative in Canada. That is important every day, but it’s especially significant to have Her Excellency with us today. You will see why in a minute.
Tiff Macklem: Global imbalances, growth and stability
Good afternoon and thank you for the invitation. It's a pleasure to be here with Paris Europlace and the Chambre de commerce France-Canada. Six weeks ago, I was here in Paris with G7 finance ministers and central bankers. Much of our meeting focused on the conflict in the Middle East and its implications for near-term growth and inflation. The US-Iran agreement signed last week is a very welcome development and global energy prices have begun to come down, though much remains to be worked out.
Global imbalances, growth and stability
Remarks Paris Europlace – Chambre de commerce France-Canada Available as: PDF Introduction Good afternoon and thank you for the invitation. It’s a pleasure to be here with Paris Europlace and the Chambre de commerce France-Canada. Six weeks ago, I was here in Paris with G7 finance ministers and central bankers. Much of our meeting focused on the conflict in the Middle East and its implications for near-term growth and inflation.
Adjusting for growth and resilience
Speech summary Paris Europlace – Chambre de commerce France-Canada Governor Tiff Macklem explains how financial risks could mix with uneven trade and investment to weaken the international system. He outlines the adjustments needed to keep it strong. Watch Governor Macklem speak by webcast to Paris Europlace and Chambre de commerce France-Canada. Read the full speech.
Tiff Macklem: Monetary Policy Decision
Good morning. I'm pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today's monetary policy decision. Governing Council maintained the policy interest rate at 2.25%. Since our April decision, the economic impact of the ongoing conflict in the Middle East has increased. Higher energy prices and disruptions in global supply chains are weighing on global growth and pushing up inflation.
Monetary Policy Decision Press Conference Opening Statement
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s monetary policy decision. Governing Council maintained the policy interest rate at 2.25%. Since our April decision, the economic impact of the ongoing conflict in the Middle East has increased. Higher energy prices and disruptions in global supply chains are weighing on global growth and pushing up inflation.
Opening Statement before the Senate Standing Committee on Banking, Commerce and the Economy
Opening statement Senate Standing Committee on Banking, Commerce and the Economy Available as: PDF Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our quarterly Monetary Policy Report and last week’s policy decision. Last Wednesday, Governing Council maintained the policy interest rate at 2.25%. We had three key messages.
Opening Statement before the House of Commons Standing Committee on Finance
Opening statement House of Commons Standing Committee on Finance Available as: PDF Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our quarterly Monetary Policy Report and last week’s policy decision. Last Wednesday, Governing Council maintained the policy interest rate at 2.25%. We had three key messages. First, Canada is being buffeted by global events and geopolitical uncertainties, but our economy is growing and is expected to continue to grow.
Tiff Macklem: Release of the Monetary Policy Report
Good morning. I'm pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today's monetary policy decision. Today, Governing Council maintained the policy interest rate at 2.25%. We've held the policy rate at this level since October. The Canadian economy continues to face heightened uncertainty related to US trade policy and geopolitical risks. Now the war in Iran has added a new layer of uncertainty.
Press Conference Opening Statement to come at 9:45 (ET)
Opening statement Content Type(s): Press, Speeches and appearances, Opening statements
Tiff Macklem: New players, old risks - financial stability in a changing landscape
Good morning. It's a pleasure to be here-and it's great to see such an impressive mix of market participants, policy-makers and practitioners. I'm looking forward to the fireside chat, so I'll keep my remarks short to leave time for discussion. Conversations like this matter-especially when uncertainty is high and we're all trying to manage the risks.
New players, old risks: Financial stability in a changing landscape
Remarks Global Risk Institute (GRI) Available as: PDF Introduction Good morning. It’s a pleasure to be here—and it’s great to see such an impressive mix of market participants, policy-makers and practitioners. I’m looking forward to the fireside chat, so I’ll keep my remarks short to leave time for discussion. Conversations like this matter—especially when uncertainty is high and we’re all trying to manage the risks.
Identifying pressure points in a changing financial system
Speech summary Global Risk Institute (GRI) Governor Tiff Macklem discusses how risks to financial stability are shifting as hedge funds and private credit play a growing role in global debt markets. Increased risks related to new players The rise of non-bank players, like hedge funds and private credit, in the global financial system has brought clear benefits by adding liquidity and flexibility to debt markets.
Tiff Macklem: Structural change - Canada at a crossroads
Good afternoon. It's a pleasure to be back at the Empire Club to deliver my first speech of the year. And what a year it's shaping up to be. Last week, the Bank of Canada held its policy rate at 2¼%-and we had two key messages. First, our economic outlook has not changed much since last fall, but uncertainty around our forecast has increased. We continue to expect the Canadian economy to grow modestly and inflation to stay close to the 2% target.
Structural change-Canada at a crossroads
Remarks Empire Club of Canada Available as: PDF Introduction Good afternoon. It’s a pleasure to be back at the Empire Club to deliver my first speech of the year. And what a year it’s shaping up to be. Last week, the Bank of Canada held its policy rate at 2¼%—and we had two key messages. First, our economic outlook has not changed much since last fall, but uncertainty around our forecast has increased.
Understanding structural change
Speech summary Empire Club of Canada Governor Tiff Macklem talks about structural change in the economy and explains what it means for the Bank of Canada’s monetary policy. Watch Governor Macklem speak to the Empire Club of Canada Read the full speech. Canada is in a period of structural change Canadians are living through a lot of upheaval. Open trade with the United States is over. Artificial intelligence (AI) is transforming the ways we work and live.
Tiff Macklem: Good money and your central bank
Good afternoon. It's a pleasure to be back home in Montréal, especially at this time of year. And it is wonderful to see so many of you again. My final speech of the year is always an opportunity to reflect on the year that was and to look ahead to the year to come. This year, 2025, was marked by the US swerve to protectionism and the resulting upheaval in global trade. It's a story about uncertainty, and about the loss of trust in our trade relationship with our biggest and best partner.
Good money and your central bank
Remarks The Chamber of Commerce of Metropolitan Montreal Available as: PDF Introduction Good afternoon. It’s a pleasure to be back home in Montréal, especially at this time of year. And it is wonderful to see so many of you again. My final speech of the year is always an opportunity to reflect on the year that was and to look ahead to the year to come. This year, 2025, was marked by the US swerve to protectionism and the resulting upheaval in global trade.
Money you can count on
Speech summary The Chamber of Commerce of Metropolitan Montreal Governor Tiff Macklem discusses the Bank of Canada’s role in ensuring Canadians can trust their money in all its forms. He describes the Bank’s new responsibilities—regulating stablecoins and implementing consumer-driven banking. He also talks about how keeping inflation low and stable ensures Canadian money retains its purchasing power. Watch Governor Macklem speak to the Chamber of Commerce of Metropolitan Montreal.
Opening Statement before the Senate Standing Committee on Banking, Commerce and the Economy
Opening statement Senate Standing Committee on Banking, Commerce and the Economy Available as: PDF Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. Last week, we lowered the policy interest rate 25 basis points, bringing it to 2¼%. This was our second straight cut and reflects ongoing weakness in the economy and contained inflationary pressures.
Opening Statement before the House of Commons Standing Committee on Finance
Opening statement House of Commons Standing Committee on Finance Available as: PDF Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. Last week, we lowered the policy interest rate 25 basis points, bringing it to 2¼%. This was our second straight cut and reflects ongoing weakness in the economy and contained inflationary pressures.
Canada's economic outlook and global trade: A conversation with Governor Tiff Macklem
The Peterson Institute for International Economics welcomes Tiff Macklem, governor of the Bank of Canada, for a keynote address on Canada’s monetary policy and economic outlook. Macklem shares perspectives on global trade and financial stability, building on recent insights and research from the Bank of Canada’s leadership. Following his remarks, Macklem joins Adam S. Posen, PIIE president, for a moderated conversation and take questions from the audience.
Tiff Macklem: Global trade, capital flows and Canada's prosperity
Good afternoon. It's a great pleasure to be here in Saskatoon, and I want to thank the Saskatchewan Trade and Export Partnership and the Greater Saskatoon Chamber of Commerce for the invitation. Canada is a trading nation. We rely on exports for around a third of our income, and we use that income to buy the things we need from abroad. The share of exports in Saskatchewan's gross domestic product (GDP) is even higher, roughly 45%-that's the highest in the country.
Global trade, capital flows and Canada’s prosperity
Remarks Saskatchewan Trade and Export Partnership and the Greater Saskatoon Chamber of Commerce Available as: PDF Introduction Good afternoon. It’s a great pleasure to be here in Saskatoon, and I want to thank the Saskatchewan Trade and Export Partnership and the Greater Saskatoon Chamber of Commerce for the invitation. Canada is a trading nation. We rely on exports for around a third of our income, and we use that income to buy the things we need from abroad.
Time to roll up our sleeves
Speech summary Saskatchewan Trade and Export Partnership and the Greater Saskatoon Chamber of Commerce Governor Tiff Macklem outlines four megatrends that are transforming the global economic and financial landscape. He also talks about the structural reform needed to ensure Canada’s long-term prosperity.
Monetary Policy Decision Press Conference Opening Statement
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s monetary policy decision. Today, we lowered the policy interest rate by 25 basis points, bringing it to 2.5%. Through the recent period of trade upheaval, Governing Council has been proceeding carefully, paying particular attention to the risks and uncertainties facing the Canadian economy. Three developments have shifted the balance of risks since our July decision.
Tiff Macklem: Flexible inflation targeting in a shock-prone world
It is wonderful to be here in Mexico City with you to celebrate Banco de México's 100th anniversary. This is a significant milestone in a storied history that has spanned the Great Depression and the surge in silver prices, post-World War II stabilization, central bank independence and, finally, flexible inflation targeting.
Flexible inflation targeting in a shock-prone world
Remarks Bank of Mexico 100ᵗʰ Anniversary Seminar Available as: PDF It is wonderful to be here in Mexico City with you to celebrate Banco de México’s 100th anniversary. This is a significant milestone in a storied history that has spanned the Great Depression and the surge in silver prices, post-World War II stabilization, central bank independence and, finally, flexible inflation targeting.
Inflation targeting: A framework for today and tomorrow
Speech summary Bank of Mexico 100ᵗʰ Anniversary Seminar Governor Tiff Macklem discusses how inflation targeting became a leading strategy among central banks for maintaining price stability. He also talks about structural change ahead, shifts in global trade and ensuring monetary policy is fit for the future. The emergence of inflation targeting Following World War II, central banks around the world tried different strategies to control inflation.
Monetary Policy Decision Press Conference Opening Statement
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s monetary policy announcement. Today, Governing Council maintained the policy interest rate at 2.75%. Uncertainty remains high. The Canadian economy is softer but not sharply weaker. And we’ve seen some firmness in recent inflation data. Against this backdrop, we decided to hold the policy rate unchanged as we continue to gain more information on US trade policy and its impacts.
Tiff Macklem: The impact of US trade policy on jobs and inflation in Canada
It's a pleasure to be here in Newfoundland and Labrador. I want to thank the St. John's Board of Trade for the invitation to speak to you today. There is no better place to talk about trade than a community of exporters. The sea routes that begin and end in St. John's have helped feed, supply and build Canada and the world. Port cities are attuned to global commerce. And until recently, the global economy had been recovering well from the hard years of the pandemic.
The impact of US trade policy on jobs and inflation in Canada
Remarks St. John’s Board of Trade Available as: PDF Data available as: CSV, JSON and XML Introduction It’s a pleasure to be here in Newfoundland and Labrador. I want to thank the St. John’s Board of Trade for the invitation to speak to you today. There is no better place to talk about trade than a community of exporters. The sea routes that begin and end in St. John’s have helped feed, supply and build Canada and the world. Port cities are attuned to global commerce.
Trade, jobs and inflation
Speech summary St. John’s Board of Trade Governor Tiff Macklem discusses the trade conflict with the United States and how it is has affected the Canadian economy. He explains that restoring open trade is important for jobs, growth and price stability in Canada. Exports have been disrupted Before the US trade conflict, the global economy had momentum and Canadian exports were strengthening. But US tariffs have shifted Canadian trade in a couple of key ways.
Tiff Macklem: Release of the Financial Stability Report
Good morning. Senior Deputy Governor Carolyn Rogers and I are pleased to be here to discuss the Bank of Canada'sFinancial Stability Report(FSR). Each year, the Bank assesses the stability of Canada's financial system and highlights risks that could threaten that stability. While some risks have diminished, the current trade environment has pushed risks higher overall. But let us look back for a minute before we look ahead.
Release of the Financial Stability Report
Opening statement Available as: PDF Good morning. Senior Deputy Governor Carolyn Rogers and I are pleased to be here to discuss the Bank of Canada’s Financial Stability Report (FSR). Each year, the Bank assesses the stability of Canada’s financial system and highlights risks that could threaten that stability. While some risks have diminished, the current trade environment has pushed risks higher overall. But let us look back for a minute before we look ahead.
Press Conference Opening Statement to come at 9:45 (ET)
Opening statement Content Type(s): Press, Speeches and appearances, Opening statements
Tiff Macklem: Navigating tariff uncertainty
Good morning. It's a pleasure to be here in Alberta. I want to thank Calgary Economic Development for the invitation. The last time I spoke in Calgary was about 18 months ago-September 2023. The post-pandemic crisis was easing, but uncertainty remained. Inflation was still above 3%, and the Bank of Canada's policy interest rate was 5%. Canadians were being squeezed by still-elevated inflation and higher interest rates.
Navigating tariff uncertainty
Remarks Calgary Economic Development Available as: PDF Data available as: CSV, JSON and XML Introduction Good morning. It’s a pleasure to be here in Alberta. I want to thank Calgary Economic Development for the invitation. The last time I spoke in Calgary was about 18 months ago—September 2023. The post-pandemic crisis was easing, but uncertainty remained. Inflation was still above 3%, and the Bank of Canada’s policy interest rate was 5%.
Tariffs and trade uncertainty are hurting the Canadian economy
Speech summary Calgary Economic Development Governor Tiff Macklem discusses how uncertainty about the trade war with the United States has shaken businesses and consumer confidence. He also reiterates that the Bank of Canada must ensure that high prices from tariffs do not lead to ongoing inflation. US tariffs will hurt key Canadian industries The United States has imposed tariffs on some Canadian exports and threatened more tariffs that could come into effect in early April.
Tiff Macklem: Tariffs, structural change and monetary policy
Good afternoon. It's a pleasure to be here. I want to thank the Mississauga Board of Trade and the Oakville Chamber of Commerce for inviting me. When I accepted this invitation, months ago, I intended to use this opportunity to launch the renewal process for our monetary policy framework. The framework sets out the goal for monetary policy-to maintain price stability over time. In simple terms, we aim for a 2% inflation target, so inflation remains within a range of 1% to 3% most of the time.
Tariffs, structural change and monetary policy
Remarks Mississauga Board of Trade-Oakville Chamber of Commerce Available as: PDF Data available as: CSV, JSON and XML Introduction Good afternoon. It’s a pleasure to be here. I want to thank the Mississauga Board of Trade and the Oakville Chamber of Commerce for inviting me. When I accepted this invitation, months ago, I intended to use this opportunity to launch the renewal process for our monetary policy framework.
Tiff Macklem: Structural change, supply shocks and hard choices
Good afternoon. I'm pleased to be able to join you virtually to talk about the challenges that lie ahead for central banks. There's a lot to discuss. But my first order of business is to congratulate and thank Agustín Carstens for his leadership as General Manager of the Bank for International Settlements (BIS). Your term, Agustín, has been marked by significant global upheaval-from pandemic shutdowns to war in Europe and double-digit inflation. These past few years have not been easy.
Structural change, supply shocks and hard choices
Remarks (delivered virtually) Bank for International Settlements Available as: PDF Good afternoon. I’m pleased to be able to join you virtually to talk about the challenges that lie ahead for central banks. There’s a lot to discuss. But my first order of business is to congratulate and thank Agustín Carstens for his leadership as General Manager of the Bank for International Settlements (BIS).
Governors and Heads of Supervision endorse work programme of Basel Committee
The Basel Committee's oversight body endorses the Committee's work programme and strategic priorities for 2025-26. The programme prioritises work on Basel III implementation, emerging risks and vulnerabilities, digitalisation, and liquidity. GHOS members unanimously reaffirm their expectation to implement Basel III in full and consistently.
Trade conflict: What can the Bank of Canada do?
Speech summary Mississauga Board of Trade-Oakville Chamber of Commerce Governor Tiff Macklem discusses how a trade conflict would affect the Canadian economy and monetary policy. He also outlines what the Bank of Canada is focusing on as it renews its monetary policy framework. Canada’s trade relationships are changing Trade between Canada and the United States has increased over the past 60 years, with both countries acting as the other’s number one export destination.
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