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Rogers: More Room To Go On Balance Sheet Normalisation

CANADA
  • Q: CORRA has been as much as 5bps above the overnight rate recently and repo operations have started again. Is it time to slow QT?
  • Rogers: There are a couple of different things going in the overnight market. We’ve been trying to smooth things in. We’ve previously talked about the cash basis trade and still see some of that activity. Since then, Canada has moved to a t+1 settlement on securities which has increased the demand for overnight money too. We think there are enough settlement balances in the system but not necessarily in the spots they need to be in any given overnight cycle. We’re doing what we normally do and coming in with market operations to smooth that out. We don’t think we’re at a normalized state on our balance sheet with more room to go but as we get closer we’ll be paying very, very close attention.
  • Macklem: And we’ll be keeping you updated.
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