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Bank of Canada Governor Tiff Macklem's traditional "report card" speech next Thursday following the Wednesday interest-rate decision will also deliver an outlook for quantitative easing, according to a media notice posted Friday.

The speech is now titled "Economic progress report: QE and the reinvestment phase" and will be delivered virtually to a Quebec audience at noon, according to the notice. In keeping with a practice of limiting some communications during an election campaign, there will be audience questions but no press conference. Sources have told MNI the BOC may shift to ending net bond purchases later this year, keeping it far more hawkish than the Fed and ECB.