November 14, 2024 (NO COMMENTS)

A seemingly structural jump in Canada’s main overnight funding rate – which has remained above the central bank’s target level since May – is raising questions about the country’s benchmark reforms.    The Canadian overnight repo rate average, or Corra, became the country’s main interest rate benchmark following the discontinuation of the Canadian dollar offered rate (CDOR) at the end of June. Corra tracks the cost of eligible overnight repo transactions, which averaged C$21.6 billion ($15.4