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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

Monetary Policy Report Press Conference Opening Statement

10 days ago

Opening statement

Available as:
PDF

Good morning. Thank you for joining me to discuss today’s policy announcement and the Bank’s Monetary Policy Report (MPR).
My message today is twofold—of increased confidence and of continued attention.
A year ago, at the time of my first MPR as Governor, the economy was in a very deep hole. We were just coming out of the first wave of the virus, more than two million Canadians were unemployed, and inflation was well below our 1 to 3 percent target range. Uncertainty was extremely high. Vaccines were

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Bank of Canada maintains policy rate and forward guidance, adjusts quantitative easing program

10 days ago

FOR IMMEDIATE RELEASE

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance on the path for the overnight rate. This is reinforced and supplemented by the Bank’s quantitative easing (QE) program, which is being adjusted to a target pace of $2 billion per week. This adjustment reflects continued progress towards recovery and the Bank’s increased confidence in the strength of the Canadian economic outlook.
The global economy

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Carolyn Rogers appointed as Senior Deputy Governor of the Bank of Canada

12 days ago

FOR IMMEDIATE RELEASE

The Board of Directors of the Bank of Canada today announced that Carolyn Rogers has been appointed Senior Deputy Governor for a seven-year term, effective December 15, 2021. The selection was made by the independent members of the Bank’s Board and was approved by the federal Cabinet. Ms. Rogers succeeds Carolyn A. Wilkins, who resigned from the Bank on December 9, 2020.
As Senior Deputy Governor, Ms. Rogers will oversee the Bank’s strategic planning and operations, and provide leadership to the Bank’s role in promoting a stable and efficient financial system. As a member of

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Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing

June 9, 2021

FOR IMMEDIATE RELEASE

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance on the path for the overnight rate. This is reinforced and supplemented by the Bank’s quantitative easing (QE) program, which continues at a target pace of $3 billion per week.
With COVID-19 cases falling in many countries and vaccine coverage rising, global economic activity is picking up. Growth remains uneven across regions, however. The US is

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Release of the Financial System Review

May 20, 2021

Opening statement

Available as:
PDF

Good morning. Thank you for joining me to discuss the latest issue of the Bank of Canada’s Financial System Review (FSR), which we published today.
The purpose of the FSR is to identify and explain key vulnerabilities of the Canadian financial system. Vulnerabilities need not lead to serious problems. Some work themselves out before anything bad happens. But the lesson from history is that if left unchecked, financial vulnerabilities can lead to calamities— either because they amplify negative shocks,

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Bank of Canada becomes inaugural member of new, international Central Bank Network for Indigenous Inclusion

April 27, 2021

FOR IMMEDIATE RELEASE

Joint statement from the Bank of Canada, Te Pūtea Matua (Reserve Bank of New Zealand) and the Reserve Bank of Australia.
Along with Indigenous partners, the Bank of Canada, Te Pūtea Matua (Reserve Bank of New Zealand) and the Reserve Bank of Australia have formed a voluntary network to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues.
The Central Bank Network for Indigenous Inclusion, established January 1, 2021, aims to share knowledge and best practices, promote engagement with Indigenous Peoples, and foster greater understanding and

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Annual Report 2020

April 22, 2021

The year 2020 was like no other. It began with the unemployment rate in Canada near an all-time low, inflation very close to its 2 percent target and the Bank of Canada’s policy interest rate at 1¾ percent. Canada’s economy was healthy. A year later, we are far from home.

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Bank of Canada statement on Monetary Policy Report embargo breach

April 21, 2021

FOR IMMEDIATE RELEASE

The Bank of Canada expects all media organizations to respect the embargo conditions for its key publications. Today, the Bank provided the Monetary Policy Report (MPR) under embargo to trusted media that have signed an undertaking with the Bank. Note that the Bank did not provide embargoed access to the press release that explains the latest monetary policy decisions. One media organization breached the embargo time and published articles on two parts of the MPR: the key inputs to the projection and the section describing the evolution of our balance sheet.
We immediately

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Monetary Policy Report Press Conference Opening Statement

April 21, 2021

Opening statement

Available as:
PDF

Good morning. Thank you for joining me to discuss today’s policy announcement and the Bank’s Monetary Policy Report (MPR).
My message today is twofold.
First, the economic outlook has improved, and Governing Council is more confident in the resilience of the economy to the pandemic. Canadian households and businesses are adapting to the virus, finding new ways to shop, serve customers and work remotely. More important still, the rollout of vaccines is progressing, and we expect better times ahead.

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Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, adjusts quantitative easing program

April 21, 2021

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank continues to provide extraordinary forward guidance on the path for the overnight rate, reinforced and supplemented by the Bank’s quantitative easing (QE) program. Effective the week of April 26, weekly net purchases of Government of Canada bonds will be adjusted to a target of $3 billion. This adjustment to the amount

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Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing

March 10, 2021

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least $4 billion per week.
The global economy is recovering from the economic effects of COVID-19, albeit with ongoing unevenness across regions

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Bank of Canada announces 2020-21 scholarship recipients

February 17, 2021

FOR IMMEDIATE RELEASE

The Bank of Canada is pleased to announce this year’s recipients of its scholarship awards for students with disabilities, Indigenous students and students who identify as a woman or as a member of a visible minority or racialized group, or person of colour. Each award combines tuition assistance with the opportunity of a work placement at the Bank. These scholarships are designed to encourage Canadians from diverse backgrounds to further their education and consider employment in fields related to the work of the Bank.
The 2020-21 award recipients are as follows:

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