Macklem: Opening Statement before the Senate Standing Committee on Banking, Commerce and the Economy

From bankofcanada.ca

Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. Last week, we lowered the policy interest rate by 50 basis points. It was our fourth consecutive decrease since June and brings our policy rate to 3.75%. We took a bigger step because inflation is now back to the 2% target, and we want to keep it close to the target. In the past few months, inflation has come down significantly. Headline inflation was 1.6% in September, and both our measures of core inflation were under 2½%. Price pressures ... (full story)