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Bank of Montreal
Symbol BMO
Shares Issued 647,059,842
Close 2021-03-23 C$ 109.65
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Globe says CIBC, rivals hear BOC ending some programs

2021-03-24 07:17 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Wednesday, March 24, edition that the Bank of Canada is ending a handful of emergency programs launched last year to stabilize markets. The Globe's Mark Rendell writes that deputy bank governor Toni Gravelle says the BOC will let its commercial paper, provincial bond and corporate bond-buying programs expire in the coming months, now that debt markets are functioning normally. It will also end two sales and repurchase agreement -- or "repo" -- programs launched last March to pump cash into financial institutions that faced a liquidity crunch early in the pandemic. He gave no timeline for slowing or ending the bank's $4-billion-a-week Government of Canada bond-buying program, also known as quantitative easing, or QE. Mr. Gravelle, however, did say that the bank's governing council is "evaluating" ways to adjust the pace of bond buying. He say there are plans to get to a "reinvestment phase" of QE, where the bank is no longer buying new federal government bonds, but is still reinvesting proceeds from maturing assets. CIBC's Ian Pollick says the big "news today is the strongest signal yet that the bank is ready to conduct a taper, and begin 'right sizing' the QE program."

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