Bank of Canada to Hold In-Person Lock Up for Oct. 27 Decision
(Bloomberg) -- The Bank of Canada plans to resume in-person lockups for its policy decision this month.
A spokesman for the Ottawa-based central bank said Friday that accredited journalists will be invited to review the Oct. 27 interest rate announcement and monetary policy report. The lockup will also include a background briefing with Governing Council members, and an in-person press conference with Governor Tiff Macklem will follow.
“The bank has worked hard to ensure that these events can take place in a secure and safe manner that respects all government directives and public heath orders,” Paul Badertscher said in an emailed statement. “Our goal is to restore the benefits of these lockups for the bank and media in a way that mitigates risks for both bank employees and members of the media.”
This month’s decision will be the first time the Bank of Canada has held an in-person embargoed reading since the Covid-19 pandemic struck early last year. Anyone entering the lockup will need to be double vaccinated, the bank said. Accredited journalists who can’t attend in-person will be able to participate in press conference by dialing in but won’t have access to the decision or quarterly forecasts before they’re published.
The Bank of Canada has held its benchmark overnight rate at 0.25% since March 2020. Economists expect Macklem to reduce the bank’s weekly purchase of Canadian government bonds to $C1 billion ($810,000) at the October decision, from the current pace of C$2 billion, and overnight swaps trading suggests markets are pricing in at least two rate hikes over the next 12 months.
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