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BOC's Macklem Affirms QE, Rejects Negative Rates
The Bank of Canada will continue to use asset purchase programs over negative rates if needed in future, continuing with policies like the purchase of at least CAD5 billion a week in federal bonds until the recovery is well underway, Governor Tiff Macklem said in his first public speech as governor, sticking largely to his predecessor's toolkit. The economy faces an inconsistent recovery from Covid-19, though growth will return in Q3, and the BOC's big job is avoiding a slide in prices, Macklem said Monday, noting some industries "won't reopen until we have a vaccine or at least very effective anti-viral ... (full story)