BoC: If the economy develops as expected, there will be no need to raise rates — Tiff Macklem

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Bank of Canada Governor Tiff Macklem He said on Tuesday that further rate hikes will not be necessary if, as expected, the economy stagnates and inflation declines, Reuters reported.

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“If the new data is broadly in line with our forecasts and inflation comes down as expected, we won’t need to raise rates any further,” Macklem said in a speech to financial analysts in Quebec City.

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“We monopolize inflation. Monetary policy is working,” Macklem said, adding that economic growth would be “close to zero” until the third quarter of this year.

USD/CAD Update

We are heading for an inside day as the US dollar rallied on comments from Federal Reserve Chairman Jerome Powell:

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Source: Fx Street

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