BANK OF CANADA’S MACKLEM: RESUMPTION OF PAYMENTS ‘GOING WELL’ AS DEFERRALS EXPIRE
NEW YORK (MaceNews) – So far, so good is the message from Bank of Canada Governor Tiff Macklem Thursday as Canadian borrowers resume loan payments deferred during the pandemic. Still, the BOC will watch closely to see how well households and businesses cope with expiring loan deferrals and will also monitor whether excessive debt is […]
BOC’S MACKLEM Q&A: AS BANK ASSESSES ASSET PURCHASES, ‘COULD BE MORE, COULD BE LESS’
NEW YORK (MaceNews) – Bank of Canada Governor Tiff Macklem Thursday said the bank’s “recalibration” of its asset purchases means it will consider adjusting the scale of its buying, and the maturities of its debt purchases. Macklem, speaking at a press conference, was asked to explain the bank’s recent statements that it will “recalibrate” its large-scale asset […]
BOC’S MACKLEM REPEATS: QE TO STAY UNTIL RECOVERY WELL UNDER WAY, TO CALIBRATE AS NEEDED
NEW YORK (MaceNews) – Bank of Canada Governor Tiff Macklem repeated Thursday the bank will keep its extraordinary monetary policy measures in place, and will calibrate its asset purchases as needed to support the recovery and meet its inflation target. Echoing language from the bank’s Wednesday policy announcement when policy-makers kept rates on hold, Macklem […]
TEXT: BANK OF CANADA LEAVES KEY RATE UNCHANGED
NEW YORK (MaceNews) – The following is the text of Wednesday’s Bank of Canada rate policy decision: The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank is also continuing its quantitative […]
EXCERPTS: BOC’S MACKLEM: REOPENING SURGE TO GIVE WAY TO BUMPINESS
OTTAWA (MaceNews) – Bank of Canada Gov. Tiff Macklem Wednesday said the decision to hold the policy rate at the lower bound and maintain the pace of quantitative easing was based on the assessment that the current rebound of economy activity will give way to a “slower and bumpier recuperation phase.” The following are excerpts […]
BANK OF CANADA: BUSINESS, CONSUMER SENTIMENT PLUNGE ON COVID, OIL PRICE FALL
NEW YORK (MaceNews) – Canadian business and consumer sentiment dropped in response to the Covid-19 pandemic and the drop oil prices, the Bank of Canada reported Monday. The bank’s quarterly survey of businesses, conducted from mid-May to early-June, as government restrictions were starting to ease, found businesses in all regions and sectors “reported that weak […]
BANK OF CANADA’S MACKLEM: NOT CONSIDERING NEGATIVE INTEREST RATES; OUTLOOK UNCERTAIN
NEW YORK (MaceNews) -The Bank of Canada is not considering negative interest rates and now sees its asset purchase program having a stimulative effect, Bank of Canada Governor Tiff Macklem said Monday. Macklem, in remarks prepared for delivery during an online event, said the bank expects quick job gains as the economy reopens, but growth […]
BANK OF CANADA’S GRAVELLE: POLICY-MAKERS ‘HOPEFUL,’ WATCHING DATA AS ECONOMY REOPENS
NEW YORK (MaceNews) – Bank of Canada policy-makers are hopeful the pandemic’s economic impact has peaked, but admit there’s much uncertainty how the recovery will unfold, BOC Deputy Governor Toni Gravelle said Thursday. Gravelle, in remarks prepared for delivery during an online meeting, said the bank will be watching economic data closely to gauge the […]
BANK OF CANADA TAKING RISK MANAGEMENT APPROACH DURING ‘UNKNOWABLE TIMES’
NEW YORK (MaceNews) – The Bank of Canada continues to pursue a risk management approach to policy-making as it faces multiple challenges and uncertainties stemming from the Covid-19 pandemic, retiring Governor Stephen Poloz said Monday. The risk management approach to implementing the bank’s inflation mandate means the bank considers multiple economic models and incorporates soft […]
BANK OF CANADA’S LANE SEES ECONOMY, INFLATION DEPRESSED POST-COVID
NEW YORK (MaceNews) – Canada’s economy is likely to emerge from the Covid-19 shutdown period with weaker supply and demand, and lower inflation, due to shutdown “scarring,” Bank of Canada Deputy Governor Tim Lane said Wednesday. “While the steps we have taken should help, we are likely to emerge from the shutdown with both demand […]