An initial, sharp bounce-back in economic activity isn't likely to last, Bank of Canada governor Tiff Macklem says.

Canada's central bank said the impact of the novel coronavirus pandemic on the global economy appears to have peaked.

Canada's central bank faces a leadership transition in the middle of the national health emergency.

With the announcement due in days, the overwhelming odds remain that second-in-command Tiff Macklem will be appointed the next governor of the Bank of Canada.