Speaking after the decision to maintain the policy interest rate at 2.75%, Deputy Governor Sharon Kozicki addressed the importance of using a variety of data and engaging with Canadians to make informed decisions. "We’re gathering more information," she stated, emphasizing the role of both traditional and non-traditional data in shaping economic policies.

Kozicki highlighted that while traditional data on inflation, jobs, and housing provide an overview, they often reflect past events. Non-traditional data sources offer insights into current trends, which is particularly valuable in rapidly changing situations. During the COVID-19 pandemic, for example, data on restaurant reservations and credit card transactions were used to understand shifts in consumer spending.

To assess the impact of tariffs today, changes in cross-border truck traffic and shipping volumes are being monitored. Surveys such as the quarterly Business Outlook Survey (BOS), monthly Business Leaders’ Pulse (BLP), and quarterly Canadian Survey of Consumer Expectations have also been instrumental in providing timely insights.

Kozicki noted that members of the Bank’s Governing Council meet with businesses and industry groups to gain firsthand perspectives on economic trends. These interactions have been crucial this year amid uncertainties surrounding tariffs. The Council has increased outreach efforts across Canada, engaging with various communities including Indigenous Peoples and labor unions.

"Speaking face-to-face with people turns facts and figures into a more complete narrative of how the economy is evolving," she said. Building trust with Canadians is essential for ensuring that policy decisions effectively stabilize inflation.

The recent years posed challenges due to high inflation followed by necessary high interest rates to control it. As trade conflicts introduce further uncertainty, Kozicki assured continued efforts to earn public trust while pursuing stable inflation.

"As we navigate this uncertainty, my colleagues and I will continue reaching out to those we serve," she concluded.