Bank of Canada Deputy Governor: Most importantly, when the imbalance in the repurchase market changes, operations are deployed as needed to control policy interest rates. Maintaining the supply of reserves in this range is not a policy objective in itself. More active use of the two-cycle repurchase tool may sometimes exceed our optimal estimate of steady-state demand, which is still in the range of $50 billion to $70 billion.

Bank of Canada Deputy Governor: Most importantly, when the imbalance in the repurchase market changes, operations are deployed as needed to control policy interest rates. Maintaining reserve supply in this range is not a policy goal in itself. More active use of the two-cycle repurchase tool may sometimes exceed our optimal estimate of steady-state demand, which is still in the range of $50 billion to $70 billion.