CAD traders – at the top of Bank of Canada Governor Macklem’s conference on Tuesday

BoC Governor Tiff Macklem speaks on Impacts of COVID on the labor market and sectoral implications

  • at 12:30 p.m. ET (5:30 p.m. GMT) on February 23, 2021
  • press conference follows one hour later

What to expect, via Scotia:

  • There are still 850,000 fewer people employed than there were last February before the pandemic and so, for now, the BoC is right to be in surveillance mode.
  • However, pushing back the steepening of the curve may prove unwise given that it is a rather haughty bet on the part of a modest central bank to lean against powerful forces in the global bond markets.
  • The means by which he attempts to do this include communication tactics, such as emphasizing the currency (whatever the merit!) And presenting loosening considerations, as well as modifying purchasing programs such as that increased purchases of provincial bonds (again, whatever the merit).
BoC Governor Tiff Macklem speaks out on the impacts of COVID on the labor market and sectoral implications


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