Bank of Canada Governor Tiff Macklem stated on Friday that they were concerned because they didn’t really see a downward push in inflation, according to Reuters.
Featured Statements
“The Bank of Canada does not expect a recession in Canada.”
“When the bank releases economic projections on October 25, we are not going to predict a serious recession.”
“When the Governing Council meets next time, it will focus on whether to maintain its 5% rate or whether further measures are needed to restore price stability.”
“Rising long-term bond yields are no substitute for what needs to be done to get inflation back to our target.”
“We are seeing clear signs that monetary policy is working to rebalance supply and demand, but inflation remains too high.”
“We will continue to face geopolitical disruptions; in this environment, we need to be prepared for continued volatility.”
“This is adding uncertainty; monetary policy can influence demand to ease inflationary pressures, but supply is harder to predict.”
“The strength of the Canadian economy means people are getting wage increases that will help better digest the impact of rising mortgage rates upon renewal.”
“Longer-term inflation expectations remain well anchored; shorter-term expectations have fallen, but remain too high.”
Market reaction
USD/CAD fell following these comments and lost 0.25% on the day, settling at 1.3655.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
