BOC: Time to pause and assess whether the policy is restrictive enough — Tiff Macklem

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Following the decision of the Bank of Canada (BOC) to raise the official interest rate by 25 basis points, up to 4.5%, BOC Governor Tiff Macklem, He delivers his speech on the outlook for monetary policy and answers questions from the press.

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“The Bank of Canada has raised rates quickly, now is the time to pause and assess whether monetary policy is tight enough.”

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“This is a conditional pause, dependent on the overall economy performing in line with forecasts.”

“If we have to do more to get inflation to the 2% target, we will; if upside risks materialize, we are prepared to raise rates further.”

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“We are monopolizing inflation, but we are still far from our target.”

“Economic growth and spending in the second half of 2022 were stronger than anticipated, our overheated economy did not cool as much as we had hoped.”

“The drop in gasoline prices is welcome, but the prices of basic products continue to rise too fast.”

Source: Fx Street

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