The Bank of Canada, in its quantitative tightening program, does not cap the roll-off. Whenever Government of Canada bonds in its portfolio mature, the BoC gets paid for them at face value and doesn’t replace them. That’s the roll-off. There are months when nothing in the BoC’s portfolio matures, and there are months when a big bond issue matures. GoC bonds mature on the first day of the month. There were no maturities in December and January; $3.6 billion matured on February 1; $6.6 billion matured on March 1, and on April 1, $23.3 billion matured. So, in latest weekly balance sheet, released Friday afternoon, total ... (full story)