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-BOC Deputy Toni Gravelle said at a press....>

CANADA
CANADA: -BOC Deputy Toni Gravelle said at a press conference after Thursday
speech: "This is a very dire kind of economic contraction, one of the worst
we've seen in a long time, maybe since the Depression."
-Gravelle said his speech referred to 0.25% being the lower rate bound in part
due to global speculation about central banks turning to negative rates. Also
said the line about the potential to raise rates if inflation surged was making
a technical point that tightening can happen regardless of the size of the
balance sheet.
-In audience Q&A, said Canada growth should resume in 2H, Covid-19 is a sharper
and faster downturn than 2008-09, potentially meaning a faster recovery.

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