In his first public appearance since taking over as the governor of the Bank of Canada on June 3rd, Tim Macklem, said that the bank remains focused on using its policy tools, including low interest, to support the recovery of the Canadian economy from the COVID-19 pandemic. In Macklem told a parliamentary committer that “For now and the foreseeable future, we are focused on providing monetary stimulus and delivering low interest rates to support the recovery.” The Bank of Canada slashed its key interest rate three times in March to a record-low 0.25%. It held rates steady earlier this month and said the Canadian economy appeared to have avoided worst-case scenario projections.
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Bank of Canada focused on stimulus, low rates to support economy