There were no changes or major announcement at today’s Bank of Canada (BOC) meeting. The overnight rate, and therefore bank lending prime rates remain the same. The Banks’ quantitative easing program also continues at a spend of $4 billion weekly.
The BOC reports:
“The global economy is recovering from the economic effects of COVID-19, albeit with ongoing unevenness across regions and sectors.”
“In Canada, the economy is proving to be more resilient than anticipated to the second wave of the virus and the associated containment measures.”
“Despite the stronger near-term outlook, there is still considerable economic slack and a great deal of uncertainty about the evolution of the virus and the path of economic growth.”
“While economic prospects have improved, the Governing Council judges that the recovery continues to require extraordinary monetary policy support.”
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