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Bank of Canada set to release economy’s outlook amid 2nd coronavirus wave

By
Staff
The Canadian Press

Posted October 28, 2020 6:27 am

 
 

Updated October 28, 2020 6:32 am

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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.
Read more:
2nd coronavirus wave could have ‘serious impact’ on economy: Bank of Canada

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.On Wednesday 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.

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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. Story continues below advertisement

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.

© 2020 The Canadian Press

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