BoC Governor Poloz: Unscheduled rate decision brings the policy rate to its effective lower bound

Market news

27 March 2020

BoC Governor Poloz: Unscheduled rate decision brings the policy rate to its effective lower bound

We are also working to keep the financial system functioning, helping make sure credit is available to people and companies
Intent of our decision today is two-fold: to immediately support financial system so it keeps on providing credit, and, over the longer term, to lay the foundation for economy's return to normalcy
Commercial Paper Purchase Program will help to restore key source of short-term funding for businesses
Acquiring of Government of Canada securities in the secondary market will help address strains in debt market and to enhance effectiveness of all other actions taken so far
Governing Council stands ready to take further action as required to support the Canadian economy and its financial system and to keep inflation on target

U.S.: Reuters/Michigan Consumer Sentiment Index, March 89.1 (forecast 90)

U.S. Stocks open: Dow -3.58%, Nasdaq -2.90%, S&P-3.30%

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