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 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 […]
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 […]
The Bank of Canada sought Wednesday to temper economic excitement about a sharper-than-expected rebound from the depths of the coronavirus crisis, pointing to worrying trends that signal all is still not well. In a statement, the central bank’s governing council said the bounce-back activity in the third quarter looks to be faster than it anticipated […]
The head of the Bank of Canada made an international pitch to his fellow central bankers on Thursday to forge closer ties with average citizens to manage economic expectations through the pandemic, or risk losing public trust and face an existential crisis. Speaking remotely at an annual gathering usually hosted in Jackson Hole, Wyo., governor […]
The second-in-command at the Bank of Canada said Wednesday that any changes to the underpinning of its monetary policy will be judged against how they affect the distribution of income and wealth in this country. Senior deputy governor Carolyn Wilkins said the various frameworks the bank is considering are also being tested for how they […]
The Bank of Canada is turning to the public for input on its inflation-rate target that underlies any changes to the central bank’s trend-setting interest rate. The bank had already planned on a much broader consultation than what it did for previous reviews long before the coronavirus pandemic struck Canada and forced a sharp decline […]
The Bank of Canada is holding its key interest rate at 0.25 per cent in response to what it calls the “extremely uncertain” economic outlook from the coronavirus pandemic, and plans to keep it there until the picture improves. In its updated outlook, the bank said Wednesday it expects the economy to contract by 7.8 […]
The coronavirus pandemic will leave some long-term economic damage that will only become clearer as the country moves further along a “prolonged and bumpy” course to recovery, Canada’s top central banker says. In his first speech as governor, Tiff Macklem said the central bank expects to see growth in the third quarter of this year […]
Canada’s new top central banker says the Bank of Canada has no intention to raise interest rates given the current economic circumstances created by the coronavirus pandemic. Governor Tiff Macklem says the central bank is focused on delivering low interest rates for the foreseeable future to support an economic recovery. That should also help lower […]