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How quantitative easing works
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Bank of Canada says further drop to interest rate possible
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Bank of Canada bond-buying program faces misconceptions: Beaudry
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Dec 10, 2020 19:37 GMTFXStreet News
The Bank of Canada (BoC) could cut rates further without going into the negative territory if the economy goes into a persistent downturn, BoC Deputy Governor Paul Beaudry said on Thursday, per Reuters.
Additional takeaways
“Other options to combat a major downturn include expanding its quantitative easing program or using yield-curve targeting.”
“Negative rates would not be productive in a Canadian context, barring a dramatically different set of circumstances.”
“We will not overuse QE and overshoot our inflation target; exit target for qe program is tied to our inflation goals.”
“We will have three options to leave the QE program; first is to reinvest any proceeds from maturing assets into new ones, maintaining level of stimulus.”
Thursday as oil climbed and the greenback broadly lost ground,
while the domestic focus turned to an economic progress report
from the Bank of Canada. The loonie was trading 0.4% higher at 1.2761 to the
greenback, or 78.36 U.S. cents. It touched its strongest
intraday level since May 2018 at 1.2735. Oil, one of Canada’s major exports, was boosted by hopes
that the release of COVID-19 vaccines would lead to a faster
demand recovery. U.S. crude prices were up nearly 2% at
$46.41 a barrel.
currencies after data showed an increase in U.S. initial jobless
claims and the unveiling of fresh stimulus measures from the