4  BIS central bankers’ speeches  3.  a report focusing on capacity pressures and alternative indicators of inflation;  4.  an analysis of money and credit conditions;  5.  the Bank’s Senior Loan Officer Survey; and  6.  an overview of financial market conditions and monetary policy expectations in Canada, the United States and the rest of the world.
Stage 3 – the policy recommendations of staff – typically occurs on Friday, two days after the major briefing. A senior member of the Canadian Economic Analysis Department or the International Department is asked to summarize and update the material that has been presented in Stages 1 and 2, and to provide a recommendation regarding any policy action that should be taken.