Bank of Canada’s bond purchases may not start until 2028, deputy governor says

The signal here is about the pace of balance-sheet normalization rather than about demand for Canadian government debt, since the purchases in question are a central-bank operational tool, not a market bid. A slower path keeps settlement balances and repo dynamics in the foreground for dealers and money-market participants who track the Bank's footprint. Whether the 2028 timing holds, and how the Bank frames the conditions attached to restarting purchases, is the open question worth watching.