Bank of Canada sees economy shrinking in first quarter as second wave makes for choppy recovery – Interest rate held at 0.25%
[Financial Post - January 20, 2021] Bank of Canada governor Tiff Macklem, an enthusiastic water skier, borrowed from one of his favourite sports to describe the current state of the Canadian economy. “We’ve said for some time that we’re expecting a choppy recovery and, unfortunately, we’re in a very serious chop,” he said on a Jan. 20 call with reporters after the central bank released a new forecast that predicts an economic contraction this winter. The forecast is a disappointing turn. Canada’s economy [...]