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- BoC's Macklem: We expect our policy rate will need to rise further
BoC's Macklem: We expect our policy rate will need to rise further
Bank of Canada (BoC) Governor Tiff Macklem said, per Reuters, “We expect our policy rate will need to rise further.” It’s worth noting that the policymaker spoke before the standing senate committee on banking, trade and the economy amid early Wednesday in Asia.
Additional comments
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.'
Reiterates that we are still far from goal of low, stable and predictable inflation.
It will take time to get back to solid growth with low inflation, but we will get there.
The measures for inflation the banks is watching have stopped their rapid rise, but have not yet declined.
USD/CAD grinds higher
USD/CAD holds onto the previous day’s recovery above 1.3600 following the comments.
Also read: USD/CAD Price Analysis: Bulls meet a firm daily resistance
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