A "No News" Announcement from the BoC on Interest Rates

The Bank of Canada (BoC) held the line on interest rates today and is making no change to its quantitative easing (QE) program. Interest rates remain at the effective lower bound of 0.25% and QE stays at $2 billion per week. The BoC's announcement noted the decline in Q2 GDP, reflecting "a contraction in exports, due in part to supply chain disruptions, especially in the auto sector" and a pull-back in housing market activities. The Bank did not provide an updated economic outlook, saying only that the global economic recovery had "solid momentum" going into Q3, but sounding a cautionary note about COVID-19 case counts and global supply chain disruptions. You can read the BoC announcement here.