The Bank of Canada will release its updated outlook for the country’s pandemic-plagued economy.
The central bank in July said it believed the country had been spared from a worst-case scenario envisioned in April, but warned things could change.
Governor Tiff Macklem has said a severe second wave of the pandemic, health restrictions that extend beyond December and the timing of a vaccine or other effective treatment could all shift the country’s economic course.
This morning the central bank will provide a more detailed analysis of its forecast for the domestic economy as the country marches through a second wave of COVID-19.
The Bank will release its forecast at 10 o’clock eastern time, followed by a press conference to answer additional questions an hour later. A stream of that news conference will be available inside this story when it starts.
Macklem has said the central bank will keep its key policy rate as low at it can go at 0.25 per cent until the economy has recovered and inflation is back at the bank’s two-per-cent target.
That means experts don’t expect the central bank to change the rate from near-zero when the bank makes its announcement later this morning.
Investors who bet on the central bank’s rate decision aren’t expected any change to the bank’s benchmark rate any time between now and the end of 2021.