The bank left its target for the overnight rate unchanged at 0.25 per cent, which it has said is as low as it will go.
Since the pandemic struck Canada and public health restrictions put a freeze on the economy in March, the country has seen historic drops in jobs and output. Statistics Canada's look at the May jobs market is scheduled for Friday and forecasts are for further job losses on top of the three million lost over March and April.
"Anybody who believes we'll have a V-shaped recovery is, I think, grievously mistaken," Perrin Beatty, president of the Canadian Chamber of Commerce told a Senate committee Tuesday. Macklem participated as an observer during deliberations by the bank's governing council over the past few days, the statement said, adding the new governor "endorses the rate decision and measures announced."
"Given the high level of uncertainty, it's wait-and-see on the economy," BMO's Benjamin Reitzes wrote in a note about the rate decision. "If Governor Macklem has any new ideas, he'll have to wait for the July meeting."
Une des missions première de la banque du Canada c'est de protéger la valeur de notre dollar. Fail monumentale!
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