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Bank of Montreal
Symbol BMO
Shares Issued 647,470,963
Close 2021-07-09 C$ 126.12
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Globe says CIBC, rivals expect BOC to slow bond buying

2021-07-12 08:28 ET - In the News

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

The Globe and Mail reports in its Monday edition that the Bank of Canada is expected to further trim its government bond buying this week. The Globe's Mark Rendell writes that the BOC is heading into Wednesday's rate decision with several pieces of positive news. On Friday, Statistics Canada said the country regained 230,700 jobs in June as pandemic-related restrictions eased. A pair of BOC surveys last week showed business hiring intentions at a record high and consumer confidence growing. There are, however, risks to the growth outlook that will force the BOC to proceed with caution. The highly contagious Delta variant is spreading rapidly in some countries. Global bond yields fell sharply last week, leading some commentators to suggest that market expectations for economic growth and inflation have plateaued. The recent positive Canadian data should give the BOC conviction to move ahead with another cut to its weekly federal government bond-buying program, known as quantitative easing, analysts argued. The consensus view among economists is for the bank to reduce its pace of QE purchases -- which are designed to hold down interest rates and encourage borrowing -- to $2-billion a week from $3-billion.

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