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Prime Minister Trudeau announced fiscal stimulus along with liquidity measures for households and small businesses while Finance Minister Morneau and BoC Governor Poloz didn’t offer much new, economists at TD Securities apprise.

Key quotes

“The Canadian government announced $27bn worth of fiscal stimulus along with $55bn worth of liquidity measures for households and businesses through tax deferrals.”

“Governor Poloz had little to add in his presser today with no new announcements, though he did state that the BoC is focussed on providing sufficient market liquidity.” 

“The Governor tried to dull expectations for another intermeeting cut, stating that he would like to have the benefit of a full forecast round before moving interest rates again.” 

“We look for the Bank to cut by 50 bps next month.”