The yield on the year Treasury note fell to 2.
After sharp losses at the start of trading, benchmark U. Brent crude, used to price international oils, rose 2.
Those gains helped lift energy stocks. That led to sharp drops in energy stocks. Julian Emanuel, chief equity and derivatives strategist for BTIG, said investors often start a new year by buying shares of the companies that did the worst the year before. Meanwhile, healthcare companies, the best-performing part of the market in , fell Wednesday as drugmakers and insurers lost ground. The dollar fell to Wholesale gasoline rose 1.
Work in Progress: The Bank of Canada's Response to the Financial Turbulence - Bank of Canada
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Recent events have revealed serious and widespread shortcomings that need to be addressed promptly, completely and credibly, the Governor said. Governor Carney outlined some of the responses to these factors.
The stock market has turned turbulent: Here’s what advisers say you should do
First, officials in many countries have been working to strengthen and modernize their liquidity arrangements where necessary. As announced earlier this week, the Bank of Canada engaged in the coordinated provision of liquidity with other major central banks. As well, the Bank plans to expand the list of collateral that it will accept in open market buyback operations, and it welcomes the Federal government's proposals to amend the Bank of Canada Act to modernize the Bank's authorities to support the stability of the financial system.
The Governor noted that authorities around the world are encouraging financial institutions to promptly and fully disclose valuations of structured products.
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In this regard, he highlighted some issues pertaining to interpretations of fair value accounting. There are indications that market participants are learning the appropriate lessons, realigning incentives, and changing their behaviour, the Governor said.
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The turbulence has highlighted the importance of sound monetary policy, Governor Carney concluded. This means that the Bank will continue to watch developments in the real economy for their impact on inflation.
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