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Essentials of Monetary Policy

Bank of Canada (BoC). Key Rates Hit All-Time Lows

March 27, 2020
François Dupuis • Mathieu D’Anjou • Benoit P. Durocher • Hendrix Vachon

Desperate times call for desperate measures. Given the neverbefore- seen negative consequences on the Canadian economy and financial markets due to COVID‑19, the monetary authorities have lowered the key rates to their lowest levels. With this, Canadian key interest rates have now reached the threshold last seen in 2009 and 2010 during the Great Recession, a clear indication of the magnitude of the current crisis. The BoC is following in the footsteps of many of the other central banks— including the Federal Reserve—that have already reduced interest rates to their lowest levels.

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