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Bank of Montreal
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Close 2021-04-26 C$ 116.71
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Globe says CIBC, rivals hear BOC unwinding supports

2021-04-26 07:56 ET - In the News

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

The Globe and Mail reports in its Saturday, April 24, edition that the end of the Bank of Canada's supports to help see the country through the pandemic is now in sight, albeit still on the horizon. The Globe's Mark Rendell and David Parkinson write that Governor Tiff Macklem says there is still a "considerable ways to go." Since last June, Mr. Macklem's main job has been guiding the economy through waves of COVID-19 infections, lockdowns and business closings. That largely meant continuing the emergency stimulus measures launched by his predecessor, while promising not to raise interest rates for several years. On Wednesday, the BOC announced it would slow its pace of buying government bonds, known as quantitative easing, or QE, by 25 per cent, to $3-billion a week. It brought forward its guidance on timing for a potential rate hike to 2022 from 2023. The moves put the BOC well ahead of the U.S. Federal Reserve and other major central banks in beginning to unwind extraordinary pandemic supports. Mr. Macklem has signalled that he is willing to let inflation run a little above the bank's long-standing 2-per-cent target as he looks to foster a more complete, inclusive recovery.

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