Comments from Bank of Canada Governor Stephen Poloz and senior deputy Wilkins:
- For the moment, all our operations are aimed at market function
- We continue to draw a distinction between asset purchases for QE and for market functioning. Effectively they're the same, but we're not targeting rates
- We have not moved into the QE space, we'll look at that during the recovery phase if it's needed
- Funding for credit is a tool we haven't done yet because credit markets are largely open
- In our tool kit, we also have the option of deploying our tools in different ways
- Notes that corporate credit isn't functioning properly
- We're reasonably optimistic that the BOC's best case scenario is still achievable
- Optimistic about the wage subsidy program, which should give us a leg up on the restart
- Wage program should also boost confidence
- Won't speculate about buying mortgage-backed securities. Notes that BOC is buying government-backed (CMHC) bonds
- Bank of Canada is sticking to its plan of succession
