April 15, 2024 Collateral Infrastructure and Market Practices Advisory Group CIMPA is an industry-wide working group created under CFIF to promote the well-functioning of the Canadian securities and financing markets.
Unintended Consequences of the Home Affordable Refinance Program Staff Working Paper 2024-11 Phoebe Tian, Chen Zheng We investigate the unintended consequences of the Home Affordable Refinance Program (HARP). Originally designed to help borrowers refinance after the 2008–09 global financial crisis, HARP inadvertently strengthened the market power of incumbent lenders by creating a cost advantage for them. Despite a 2013 policy rectifying this cost advantage, we still find significant welfare losses for borrowers. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions JEL Code(s): G, G2, G21, G5, G51, L, L5, L51
April 10, 2024 Bank of Canada Media Interview – The Globe and Mail Tiff Macklem, Governor of the Bank of Canada, gave an interview to Mark Rendell of The Globe and Mail. Content Type(s): Press, Media advisories
April 10, 2024 Bank of Canada Media Interview – Midi info Nicolas Vincent, Deputy Governor of the Bank of Canada, gave an interview to Radio-Canada’s Alec Castonguay. The interview will air today on Midi info. Content Type(s): Press, Media advisories
April 10, 2024 Bank of Canada maintains policy rate, continues quantitative tightening Media Relations Ottawa, Ontario The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. Content Type(s): Press, Press releases
April 10, 2024 Monetary Policy Report – April 2024 Monetary policy is working to reduce inflationary pressures and inflation is coming down, although it will take more time to see if this progress proves durable. The Bank projects that inflation will stay around 3% into the second quarter of 2024, ease below 2.5% in the second half of the year and return to target in 2025. Content Type(s): Publications, Monetary Policy Report