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Household indebtedness risks in the wake of COVID‑19
COVID-19 presents challenges for indebted households. We assess these by drawing parallels between pandemics and natural disasters. Taking into account the financial health of the household sector when the pandemic began, we run model simulations to illustrate how payment deferrals and the labour market recovery will affect mortgage defaults. -
June 5, 2020
CARR welcomes MX’s listing of new Three-Month CORRA Futures
The Canadian Alternative Reference Rate working group (CARR) welcomed Montréal Exchange’s (MX) notice that it will launch its new Three-Month Canadian Overnight Repo Rate Average (CORRA) Futures contract for trading on Friday June 12, 2020. -
Canadian Financial Stress and Macroeconomic Conditions
Severe disruptions in the financial markets, as observed during the 2008 global financial crisis or the COVID-19 pandemic, can impair the stability of the entire financial system and worsen macroeconomic downturns. -
June 4, 2020
Supporting markets during the crisis
Speaking a day after the Bank left the policy rate unchanged, Deputy Governor Toni Gravelle explains how efforts to keep financial markets functioning through the COVID-19 crisis will lay a solid foundation for economic recovery. -
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June 4, 2020
Economic progress report: keeping markets working
Deputy Governor Toni Gravelle discusses the Bank’s latest interest rate announcement and explains how efforts to keep financial markets functioning through the COVID-19 crisis will lay a solid foundation for economic recovery -
June 3, 2020
Bank of Canada Announces Changes to Term Repo Operations and Bankers’ Acceptance Purchase Facility
With substantial improvements in short-term funding conditions recently, as well as reduced participation since mid-April in the Bank’s extended Term Repo and Bankers’ Acceptance Purchase Facility (BAPF) operations, the Bank is making amendments to these programs. -
June 3, 2020
Bank of Canada maintains target for the overnight rate, scales back some market operations as financial conditions improve
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. -
June 1, 2020
Operational details for upcoming secondary market purchases of Government of Canada securities (June 8-June 19)
As previously announced, the Bank of Canada (the Bank) launched on April 1, 2020 a program to purchase Government of Canada securities in the secondary market – the Government Bond Purchase Program (GBPP).