The Bank of Canada's experiment with forward guidance during the pandemic backfired on the central bank, according to TD Bank's chief economist.
The Bank of Canada’s experiment with forward guidance during the pandemic backfired on the central bank, according to TD Bank Group’s chief economist.
Forward guidance is broadly aligned with the goals of a central bank, influencing long-term interest rates and financial conditions, according to Caranci.“Unfortunately, this strategy backfired for the BoC,” she wrote. The central bank also pledged it would hold its key policy rate lower bound at 0.25 per cent, until inflation returned to its target level of two per cent.
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