Canada’s central bank will update its economic forecast for the country Wednesday when it announces its interest-rate decision, offering a glimpse into its outlook for COVID-19 recovery. The Bank of Canada said in October the country had been spared from a worst-case economic scenario, but it still didn’t see a recovery taking hold until at […]
Canada’s top central banker is making a plea for the country to more quickly address the impacts of climate change to avoid any economic ripple effects on households and businesses. Tiff Macklem made the case in a speech Tuesday that Canada’s financial system needs to become as resilient to climate change as it has been […]
The second-in-command at the Bank of Canada is warning that economic “scars” from the coronavirus pandemic could become permanent without concerted effort from all Canadians. The pandemic remains an important day-to-day concern for governments and policy-makers, but more discussion and preparation for the post-pandemic recovery needs to take place, said senior deputy governor Carolyn Wilkins, […]
The Bank of Canada kept its key interest rate on hold Wednesday as it said the country’s economy won’t recoup the losses from the coronavirus until 2022, with the road to recovery dependent on the path of the pandemic. In July, the Bank of Canada said it believed the country had been spared from a […]
As financial market conditions improve, the Bank of Canada is scaling back some measures it introduced in the immediate aftermath of the coronavirus outbreak to support the functioning of financial markets. With the use of certain programs declining, the central bank is discontinuing the bankers’ acceptance purchase facility and its Canada mortgage bond purchase program, […]
Canada’s headline inflation measure went up in September by 0.5 per cent compared with a year ago, a better-than-expected increase, but one that experts say won’t sway the Bank of Canada’s stimulus measures. Economists had, on average, expected a year-over-year increase of 0.4 per cent, according to financial data firm Refinitiv, following readings of 0.1 […]
Canadian workers and companies expect wage growth to stay low over the coming year over heightened uncertainty from the coronavirus pandemic, the Bank of Canada says in two new reports. The central bank’s business outlook survey finds that wage growth is widely expected to slow over the next year, with some firms reporting a wage […]
Pandemic-related shifts in how people shop, sending more people into cyberspace than a physical space, means central banks must speed up work on creating their own digital currencies, says a top Bank of Canada official. The coronavirus has meant more people are shopping online, and foot traffic for brick-and-mortar storefronts hasn’t caught up to pre-pandemic […]
The governor of the Bank of Canada said managing the risks from the pandemic is more critical than ever and it is key to a recovery and the stability of society. Tiff Macklem said in a Thursday morning speech that a second historic recession in just over a decade underlines how managing financial system risks […]
Former Bank of Canada governor Mark Carney is joining an advisory board for the Pacific Investment Management Co. PIMCO chief executive Emmanuel Roman says the California-based investment manager sought Carney for its global advisory board because of his extensive experience as an economist and central banker. The board he joins is comprised of seven members […]