BoC Senior Deputy Governor Rogers says BoC will have a tough job dealing with structural changes to the economy; trade tensions, reduced immigration levels and AI adoption will permanently alter the landscape

Newsquawk StaffPublished 26 Mar 2026, 17:31 UTC

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BoC Senior Deputy Governor Rogers says BoC will have a tough job dealing with structural changes to the economy; trade tensions, reduced immigration levels and AI adoption will permanently alter the landscape

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Canadians may face a lot of economic upheaval in the next five years; bank is expecting a more variable inflation environment.
Reduced immigration levels mean less potential for economy to grow; this poses a challenge.
Bank will be assessing economy carefully, trying to separate cyclical from structural impacts.
Rogers reiterates that bank expects recent climb in energy prices will push up inflation in near term.
Bank needs to guard against higher energy prices triggering ongoing, persistent inflation.
Bank's forecasts suggest Canadian labor force will see almost no growth over next few years.

Context

Rogers' comments indicate the Bank of Canada (BoC) is grappling with significant structural challenges that could affect economic stability and inflation dynamics. With expectations of reduced immigration and the impact of AI, the BoC may have to recalibrate its policy approach to manage inflation risks effectively, especially in light of rising energy prices. This sets a cautious tone for monetary policy, which may influence market expectations for interest rates and the CAD going forward.

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