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  • The Bank of Canada on Wednesday held its key lending rate at a record low 0.25 percent, saying the COVID-19 pandemic's devastation on the global economy appears to have peaked. It said it was scaling back unprecedented measures to keep financial markets functioning, as a result, but warned that the recovery will be uncertain. "Incoming data confirm the severe impact of the COVID-19 pandemic on the global economy. This impact appears to have peaked, although uncertainty about how the recovery will unfold remains high," the central bank said in a statement. "Financial conditions have improved, and commodity prices have risen in recent weeks after falling sharply earlier this year," it added. Because countries have planned the lifting of virus containment measures at different times, it said "the global recovery likely will be protracted and uneven." Canada has recorded historic output and job losses, but avoided the worse-case scenario, the bank said, updating its projected second quarter growth to decline between 10 and 20 percent -- down from 15 to 30 percent forecast last month. The economy would still likely resume growth in the third quarter, it added. In the first three months of the year, the economy contracted 8.2 percent due to the pandemic -- its most pronounced drop since the global financial crisis in 2009. Unemployment, meanwhile, soared in April to 13 percent. The rate announcement marked the first day on the job for new bank governor Tiff Macklem, who replaces outgoing boss Stephen Poloz. Macklem observed deliberations of the bank's governing council over the past few days and backed Wednesday's rate decision, according to a statement. The Bank of Canada this year has bought a significant amount of government bonds and corporate debt as part of its first-ever foray into quantitative easing. Its monetary expansion remains below levels in the United States, Japan and the EU, but has been bigger as a share of its economy than in most other countries. "As market function improves and containment restrictions ease, the Bank's focus will shift to supporting the resumption of growth in output and employment," the bank concluded. In the meantime, it said it will "continue large-scale asset purchases until the economic recovery is well underway," albeit at a reduced frequency. amc/bgs
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  • Canada central bank holds rates, scales back pandemic response
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