The Daily Chase: Freeland unveiling Bank of Canada’s mandate; Markets await central bank decisions
BNN Bloomberg
We’re about to find out how, if at all, the Bank of Canada’s mandate will be fine-tuned for the next five years.
As expected, the federal government has renewed the Bank of Canada’s core objective of targeting two per cent inflation. The mandate will be in place for the next half decade, and it comes with a sharper focus on the state of the labour market (as telegraphed last week by our Bloomberg News partners). Indeed, the bank is now being asked to use the flexibility of its one to three per cent inflation control range to “actively seek the maximum sustainable level of employment when condition warrant.”
CENTRAL BANK-PALOOZA
The Bank of Canada is one of few major central banks not releasing a decision this week. Upward of two dozen policy announcement will be made across the globe in the next five days, headlined by the U.S. Federal Reserve, European Central Bank and the Bank of England. As such, it’s no surprise to see most global markets and U.S. futures looking rather tame for the time being.
IN CONVERSATION WITH LAURENTIAN BANK’S CEO
(Editor’s note: Due to an unforeseen scheduling change, this interview is being rescheduled for next availability) Fresh off a kitchen sink quarter weighed down by charges, Rania Lleweyllyn joins us this afternoon to discuss how she plans to put Laurentian Bank on more solid footing. Part of that plan includes prioritizing Environmental, Social, and Governance considerations, which will see the bank shun funding for oil, gas and coal projects. And in its bread and butter banking operations, Laurentian is vowing a “digital-first” mindset after its shortcomings in online banking contributed to $93 million in impairments.
OMICRON INTERRUPTS RETURN TO OFFICE
