Technical Analysis

BOC Macklem says expects to hike rates even further

Bank of Canada Governor Macklem and Senior Deputy Governor Carolyn Rogers are appearing before the Canadian Parliament’s Standing Senate Committee on Banking, Commerce and the Economy, fielding questions from the senators on Canada’s economy and the Bank’s policy.

  • We expect our policy rate will need to rise further
  • How much further rates go up will depend on how monetary policy is working, how supply challenges are resolving and how inflation is responding to this tightening cycle
  • We have yet to see a generalized decline in price pressures
  • There are no easy outs to restoring price stability
  • Reiterates that ‘this tightening phase will draw to a close. We are getting closer, but we are not there yet’
  • We are still far from the goal of loaw, stable and predictable inflation
  • it will take time to get back to solid growth with low inflation, but we will get there

CAD central bank Gov Macklem, full opening statement is here:

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