Bank of Canada Set to Dial Back Bond Buying

The Bank of Canada is poised to pare back its asset purchases amid a stronger-than-expected economic recovery, taking one of the biggest steps yet by a developed country to reduce emergency levels of monetary stimulus. Governor Tiff Macklem is expected to cut the central bank’s weekly government bond purchases on Wednesday to C$3 billion ($2.4 billion), from the current pace of C$4 billion. Officials may also give clues to whether they expect to bring forward their timeline for interest rate hikes, with current guidance pointing to no move before 2023. The policy decision, due at 10 a.m. in Ottawa, is…