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Macklem: Monetary policy at work
Good afternoon. It’s a pleasure to be here in Québec to speak to you about monetary policy and the economy. As we approach the three-year mark of the COVID-19 pandemic in Canada, we are also entering a new phase in monetary policy. In 2022, we faced an overheated economy and high inflation, and we responded forcefully, increasing our policy interest rate rapidly. The year ahead will be different. In January, after eight consecutive interest rate increases, we said that we expect to hold the policy rate at its current level, conditional on the outlook for inflation. We are pausing to assess how well our interest ... (full story)
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BoC's Macklem:
— *seven (@sevenloI) February 7, 2023
- We Expect Economic Growth To Be Close To Zero For The First Three Quarters Of 2023
- More Hikes Will Be Needed If Wage Growth Doesn't Moderate Alongside Inflation Expectations And Pricing Behaviour Doesn't Normalize
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BoC's Macklem:
— *seven (@sevenloI) February 7, 2023
- We Need To Pause Rates Before We Slow The Economy And Inflation Too Much, That Is What We Are Doing Now
- Inflation Is Turning The Corner, Monetary Policy Is Working, Inflation Is Still Too High
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BoC's Macklem:
— *seven (@sevenloI) February 7, 2023
- If Upside Risks Materialize, We Are Prepared To Raise Rates
- Data Suggest Core Inflation Will Start To Decline In The Months Ahead, Excess Demand Appears To Have Peaked
- Risks To The Inflation Forecast Are Balanced, But We Continue To Focus More On Upside Risks