Canada plans to borrow C$611 billion in fiscal year 2027/28, up from C$587 billion in 2026/27. Approximately 72% of the borrowing will be used to refinance maturing debt. The plan includes C$316 billion in bond issuance and C$290 billion in treasury bill issuance. The increase in borrowing, amid persistent fiscal pressures, could influence the Bank of Canada’s monetary policy decisions. However, market movements have reduced the likelihood of a significant rate hike in December.
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