The Bank of Canada intends to move to a policy of keeping its sovereign debt holdings “roughly stable”, governor Tiff Macklem told business leaders on September 9. He did not lay out a timetable for when the central bank would change its stance or how long the next phase of policy would last.

“We will adjust the level of our bond purchases to maintain the bank’s total holdings of Government of Canada bonds roughly stable”, Macklem said. He said the BoC would buy new bonds with “the proceeds of