Former Bank of Canada Governor Stephen Poloz said the worst thing that could happen to the Canadian economy during the COVID-19 pandemic is for the federal government to put the brakes on its virus-related spending spree.
Prime Minister Justin Trudeau is formally instructing Canada’s finance minister to re-establish a firm budgetary target after the Covid-19 crisis and avoid creating any new permanent spending.
The Bank of Canada is due to make its first policy decision of the year on Wednesday, with all eyes focused on whether Governor Tiff Macklem will keep the benchmark interest rate at 0.25 per cent or reduce it even closer to zero as the country grapples with some of its severest lockdown measures yet.
BNN Bloomberg sets up the week ahead with what investors need to know.
Federal Reserve Bank of Boston President Eric Rosengren said President-elect Joe Biden’s request for US$1.9 trillion in economic relief is needed as growth shows signs of slowing.
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