The Bank of Canada's review of its pandemic-era measures suggests the need for improved communication regarding extraordinary actions taken, such as large-scale bond purchases and forward guidance on interest rates.
Bank of Canada signage is shown in Ottawa on Monday, Oct. 21, 2024. THE CANADIAN PRESS/Sean Kilpatrick
In addition to slashing its key interest rate to 0.25 per cent in the early days of the pandemic, the Bank of Canada bought billions worth of bonds to keep financial markets functioning and later to provide monetary stimulus. The bank also said if it uses extraordinary forward guidance about where interest rates are headed that it should continually and clearly communicate the conditions under which that guidance would be ended.
BANK OF CANADA PANDEMIC RESPONSE INTEREST RATES BOND PURCHASES COMMUNICATION
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