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Louise Egan

Louise Egan

Communications at the Bank of Canada. Opinions my own and mostly kept offline anyway.

Articles by Louise Egan

Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening

April 13, 2022

FOR IMMEDIATE RELEASE

The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1¼% and the deposit rate at 1%. The Bank is also ending reinvestment and will begin quantitative tightening (QT), effective April 25. Maturing Government of Canada bonds on the Bank’s balance sheet will no longer be replaced and, as a result, the size of the balance sheet will decline over time.
Russia’s ongoing invasion of Ukraine is causing unimaginable human

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Bank of Canada increases policy interest rate

March 2, 2022

FOR IMMEDIATE RELEASE

The Bank of Canada today increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds on its balance sheet roughly constant until such time as it becomes appropriate to allow the size of its balance sheet to decline.
The unprovoked invasion of Ukraine by Russia is a major new source of uncertainty. Prices for oil

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Université de Sherbrooke crowned National Champion of The Governor’s Challenge

February 7, 2022

OTTAWA, ONTARIO — The Bank of Canada is pleased to announce that Université de Sherbrooke has won the seventh annual Governor’s Challenge, a national student competition in which teams simulate the role of advisor to the Bank’s Governing Council. The winners were announced following the final round on Saturday, February 5.
Five teams competed in the final round, each one giving a virtual presentation on the economic outlook for Canada and making a monetary policy recommendation to a panel of senior central bank officials.
The

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Monetary Policy Report Press Conference Opening Statement

January 26, 2022

Opening statement

Available as:
PDF

Good morning. I’m pleased to be here with you to discuss today’s policy announcement and the Bank of Canada’s Monetary Policy Report (MPR). I am especially pleased to have Senior Deputy Governor Carolyn Rogers here for her first press conference. She has joined the Governing Council at an important time.   
Our message today is threefold.
First, the emergency monetary measures needed to

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Bank of Canada maintains policy rate, removes exceptional forward guidance

January 26, 2022

FOR IMMEDIATE RELEASE

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ %, with the Bank Rate at ½ % and the deposit rate at ¼ %. With overall economic slack now absorbed, the Bank has removed its exceptional forward guidance on its policy interest rate. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds roughly constant.
The global recovery from the COVID-19 pandemic is strong but

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