The Bank of Canada published the full text of a speech by Tiff Macklem, Governor of the Bank of Canada, delivered on February 5, 2026. In the speech, Governor Macklem discussed the current economic outlook, monetary policy considerations, and the central bank’s assessment of inflation and growth. He highlighted how recent data on economic activity, labour markets, and price pressures are informing the Bank’s decisions. The Governor reiterated the Bank’s commitment to keeping inflation close to the target over time and noted that policy decisions are being made with a view toward sustaining economic recovery and long-term stability.
Macklem also addressed global economic developments affecting Canada, including external demand conditions and geopolitical influences, and outlined how the Bank uses a wide range of data and analysis to balance its dual mandate of price stability and supporting the economic welfare of Canadians.
