Bank of Canada keeps its benchmark interest rate unchanged at 0.25%
After the interest rate meeting, the Bank of Canada announced that it would maintain the benchmark interest rate unchanged at 0.25% and continue its weekly quantitative easing government bond purchase plan of at least CAD 5 billion, which is in line with market expectations. In addition, the forward-looking guidance on interest rates reiterated that the policy interest rate will be maintained at the lower limit of the effective interest rate until the idle economy is absorbed and the 2% inflation target can be achieved. The central bank stated that the rebound in economic activity in the third quarter seems to be higher than expected in July. It also pointed out that the monetary policy stimulus needed to support the recovery and achieve the inflation target will continue to be provided in the future until the economic recovery proceeds smoothly.
New Zealand’s economic outlook is bleak
The initial value of New Zealand’s (ANZ) Business Enterprise Confidence Index in September sharply narrowed to minus 26 on a monthly basis, compared to 41.8 in the previous month, reflecting that about 26% of companies forecast a bleak economic outlook. During the period, the business expectation index was negative 9.9%, which was significantly narrowed by 7.6 percentage points from the previous month, reflecting that 9.9% of companies expect their business activities to decline in the coming year. According to the survey, the local epidemic situation is still under control, and the lockdown measures are relaxed to the second level, which will help boost business confidence and help companies get rid of the pessimism of economic recession.
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