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Reports German Chancellor Merkel's Coalition Reaches Deal On German Stimulus Package
1 hour ago
Statement of the G7 Finance Ministers on Debt Transparency and Sustainability
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US Treasury

WASHINGTON – We continue to work together to advance the international economic response to the COVID-19 pandemic, with a focus on the poorest and most vulnerable countries.  COVID-19 has exacerbated existing debt vulnerabilities in many low-income countries, highlighting the importance of debt sustainability and transparency to long-term financing for development.   We welcome efforts of the international financial institutions (IFIs) to amplify their support for the most vulnerable countries.

 

In this context, we are committed to implementing the Debt Service Suspension Initiative (DSSI) agreed by the G20 and the Paris Club, by suspending official bilateral debt payments for the poorest countries to year-end 2020 and possibly longer, providing those countries fiscal space to fund social, health, and other measures to respond to the pandemic.  In line with the G20 and Paris Club DSSI agreements, we will implement the DSSI across our export credit agencies and other public lending agencies, and call on all official creditors to do so, too.  Given the importance of private financing for sustainable development, we welcome leadership by the Institute of International Finance (IIF) in coordinating private sector participation, and look forward to follow-up.  We look forward to multilateral development banks providing further details on how they will support DSSI beneficiary countries. Continue Reading

 

8 hours ago
Canadian Labour Productivity (Q/Q) Q1: 3.4% (est 2.0%; prev -0.1%)
8 hours ago
US May ADP Employment Report - ADP
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ADP Research Institute
9 hours ago
US ADP Employment Change May: -2760K (est -9000K; prev -20236K)
9 hours ago
Ahead Of The Bank of Canada Rate Decision At 1500BST Read Out LiveSquawk Preview
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LiveSquawk

Tiff Macklem’s first rate meeting at the helm of the Bank of Canada on Wednesday is expected to produce virtually the same policies set during the last meeting, according to economists.

 

The overwhelming market consensus is for the bank’s governing council to keep the overnight rate at 0.25pct and remain prepared to add to its current quantitative easing programme if required. At the start of the corona crisis the bank was quick to implement major liquidity programmes amounting to weekly asset buys of at least CAD5bln of Government of Canada bonds.

 

Since the crisis began, the bank has reduced its policy interest rate by a total of 150 basis points to 0.25pct, what the bank calls its "effective lower bound".

 

A note from Carlos Capistran and Ben Randol of BofA Global Research says, “The BoC acted fast amid the pandemic to bring the policy rate down to the effective lower bound. We expect the BoC to leave the policy rate at the current level for many quarters and believe the chance of a negative rate is low.”

 

 

READ REPORT HERE

10 hours ago
US Briefing: 03-06-20: US Futures Rally As Global May PMIs Hint To Recovery; OPEC+ Meeting Reportedly In Doubt On Compliance, Quota Cheating Issues
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10 hours ago
Watch UK Prime Minister Questions Live
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10 hours ago

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