Something Is Rotten in the State of Canada

The Bank of Canada central bank intervened in the repo market with an overnight injection of $5 billion. This is nothing extraordinary if compared with the U.S. Fed, but for Canada, it is. The only time when something similar occurred was in 2008 and 2020, and we all know what happened in those two years: the financial crisis and the Covid crisis. In those two cases, the injections were around $2-3 billion.