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Macklem: Monetary Policy Report Press Conference Opening Statement
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s policy announcement and the Bank of Canada’s Monetary Policy Report (MPR). Today, we maintained our policy interest rate at 5%. We are also continuing our policy of quantitative tightening. Our message today is twofold. First, monetary policy is working to relieve price pressures, and we need to stay the course. Inflation is coming down as higher interest rates restrain demand in the economy. But inflation is still too high, and underlying inflationary pressures persist. We need to give these higher rates time to ... (full story)
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BOC'S GOV. MACKLEM: THE BANK IS NOW STARTING TO LOOK AT HOW LONG RATES NEED TO STAY AT CURRENT LEVELS RATHER THAN WHETHER POLICY RATE IS RESTRICTIVE ENOUGH.
— FinancialJuice (@financialjuice) January 24, 2024
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BOC'S GOV. MACKLEM: THERE WAS A CLEAR CONSENSUS AT GOVERNING COUNCIL TO MAINTAIN POLICY RATE AT 5%.
— FinancialJuice (@financialjuice) January 24, 2024
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BOC'S GOV. MACKLEM: PUSH AND PULL ON INFLATION MEANS FURTHER DECLINES ARE LIKELY TO BE GRADUAL AND UNEVEN, PATH BACK TO 2% TARGET WILL BE SLOW AND RISKS REMAIN.
— FinancialJuice (@financialjuice) January 24, 2024