Bank of Canada Policy Makers ‘Hopeful’ Worst Case Can be Avoided

Bank of Canada policy makers emerged from interest rate deliberations this week hopeful the economy will avoid the most-severe outcome, with financial market functioning normalizing and amid signs the nation’s income support programs are working.

The latest data suggest that while the impact from the Covid-19 pandemic has been severe, it seems to have peaked as countries reopen their economies, Deputy Governor Toni Gravelle said Thursday in prepared remarks of a speech aimed at providing insight into the rate discussions.