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  • North American Outlook

    March 27, 2020 | 15:36

    Pandemic Spurs Epic Economic/Policy Response

    Economist
    economist photo

    Sal Guatieri

    Director and Senior Economist
    Economics

    Sal Guatieri is a Senior Economist and Director at BMO Capital Markets, with over two decades experience as a ma... (Read more)

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    Key Summary

    The pandemic will trigger a historic contraction in the economy in the second quarter


    The equally unprecedented policy response will spur a sizeable recovery in the third quarter, assuming the pandemic subsides by late April


    After slashing policy rates by 150 bps in March and unleashing nearly every emergency measure in the playbook, the Fed and the Bank of Canada will likely hold rates steady until 2022

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