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The Bank of Canada won’t provide its interest rate decision on an embargoed basis to media outlets on Wednesday because of a planned protest in support of striking security guards.
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That means there’s likely to be a slight delay in news headlines and reports about the rate decision, which will be released on the bank’s website at 9:45 a.m. New York time.
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Economists and traders widely expect the central bank to keep the benchmark overnight rate at 2.25 per cent for the sixth consecutive meeting.
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Accredited journalists usually see the decision in advance, in order to prepare reporting, but are locked away in a room and unable to publish until the bank does.
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However, about 50 unionized workers at the central bank’s offices in Ottawa and Montreal have been on strike since June 23. Earlier this week, bank officials decided to move the media lockup from its usual location at the bank’s headquarters to another site in the Canadian capital.
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The Bank of Canada said by email that the union plans to protest at that alternative site, so it has been forced to cancel media access.
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The union in question — the Public Service Alliance of Canada — said Tuesday it has filed an unfair labor practice complaint after reports that the Bank of Canada continued to use “replacement workers” to provide security.
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Bloomberg.com
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