CA BOC Gov Macklem Speaks
As head of the central bank, which controls short term interest rates, he has the most influence over monetary policy. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future policy;
BOC Governor Jun 2020 - Jun 2027. Volatility is sometimes experienced during his speeches as traders attempt to decipher interest rate clues;
- History
Expected Impact / Date | Description |
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Dec 16, 2024 | Due to speak at the Greater Vancouver Board of Trade. Audience questions expected; |
Oct 30, 2024 | Due to testify, along with Senior Deputy Governor Carolyn Rogers, before the Standing Senate Committee on Banking, Commerce and the Economy, in Ottawa; |
Oct 29, 2024 | Due to testify, along with Senior Deputy Governor Carolyn Rogers, before the House of Commons Standing Committee on Finance, in Ottawa; |
Oct 28, 2024 | Due to participate in a fireside chat about state of the Canadian economy at The Logic Summit, in Toronto; |
Sep 24, 2024 | Due to participate in a fireside chat at the Institute of International Finance and Canadian Bankers Association Canada Forum, in Toronto; Audience questions expected; |
Sep 20, 2024 | Due to speak at the National Bureau of Economic Research Economics of Artificial Intelligence Conference, in Toronto; |
Sep 10, 2024 | Due to speak at the Canada-United Kingdom Chamber of Commerce, in London. Audience questions expected; |
Jun 24, 2024 | Due to deliver a speech titled "Workers, jobs, growth and inflation—Today and tomorrow" at the Winnipeg Chamber of Commerce. Audience questions expected; |
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- CA BOC Gov Macklem Speaks News
- From youtube.com/bankofcanadaofficial|Dec 16, 2024
On December 16, 2024, Governor Tiff Macklem speaks before the Greater Vancouver Board of Trade. / Le 16 décembre 2024, le gouverneur Tiff Macklem prononce un discours devant la Chambre de commerce du Grand Vancouver.
- From bankofcanada.ca|Dec 16, 2024
Good afternoon. It’s a great pleasure to be back in Vancouver for my final speech of 2024. I want to thank the Greater Vancouver Board of Trade for inviting me. I’m particularly looking forward to our discussion after my remarks. Hearing from you is always the best part. As some of you will recall, I was here in Vancouver two years ago in December 2022. Inflation was close to 7%. We’d just raised the policy rate by 50 basis points to 4¼%, our seventh straight rate hike in our fight against inflation, and we signalled we would be considering increasing rates further. Indeed, we ended up raising our policy rate three more times to 5%. Today, inflation is back at our 2% target. Last week we cut our policy rate by 50 basis points to 3¼%, the fifth consecutive decrease since June. We’ve come a long way in the past two years. Monetary policy has worked to restore low inflation. Interest rates have come down substantially, and household spending has begun to pick up. But I am not here to give a victory speech. Price stability is low, stable inflation. Inflation is low once again; now we need to stabilize it around the 2% target. That’s price stability. That’s giving Canadians the confidence that their cost of living will not change materially year to year. Today I want to talk about delivering price stability for Canadians. I’ll start with the present—where the economy is today—and what we are focused on to keep inflation close to the 2% target. Then I will look back to learn from the past. We need to use the pandemic experience to prepare for future crises. post: BOC'S GOV. MACKLEM: THERE ARE RISKS AROUND OUR INFLATION OUTLOOK; WE ARE EQUALLY CONCERNED WITH INFLATION COMING IN HIGHER OR LOWER THAN EXPECTED.
- From bankofcanada.ca|Oct 30, 2024
Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. Last week, we lowered the policy interest rate by 50 basis points. It was our fourth consecutive decrease since June and brings our policy rate to 3.75%. We took a bigger step because inflation is now back to the 2% target, and we want to keep it close to the target. In the past few months, inflation has come down significantly. Headline inflation was 1.6% in September, and both our measures of core inflation were under 2½%. Price pressures are no longer broad-based. Our surveys also find that business and consumer expectations of inflation have shifted down and are nearing normal. All this suggests we are back to low inflation. This is good news for Canadians. Now our focus is to maintain low, stable inflation. We need to stick the landing. That means the upward and downward forces on inflation need to balance out. Economic activity picked up this year, but it is still soft. This softness has helped take the remaining steam out of inflation. With inflation now back at 2%, we want to see growth strengthen. Last week’s interest rate decision should contribute to a pickup in demand. Looking ahead, we expect the economy to gradually strengthen in 2025 and 2026, supported by lower interest rates. Population growth will be slower, but we anticipate consumer spending per capita will be picking up. We also expect growth in residential investment to rise as strong demand for housing lifts sales and spending on renovations. We expect business investment to strengthen as demand picks up, and exports should remain strong, supported by robust demand from the United States. Our forecast has inflation staying around the target over the projection horizon. The upward pressure from shelter and o post: Bank of Canada Governor Macklem statement to Senate committee same as one to Commons https://t.co/UjkmhRsQ2K
- From bankofcanada.ca|Oct 29, 2024|4 comments
Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. Last week, we lowered the policy interest rate by 50 basis points. It was our fourth consecutive decrease since June and brings our policy rate to 3.75%. We took a bigger step because inflation is now back to the 2% target, and we want to keep it close to the target. In the past few months, inflation has come down significantly. Headline inflation was 1.6% in September, and both our measures of core inflation were under 2½%. Price pressures are no longer broad-based. Our surveys also find that business and consumer expectations of inflation have shifted down and are nearing normal. All this suggests we are back to low inflation. This is good news for Canadians. Now our focus is to maintain low, stable inflation. We need to stick the landing. That means the upward and downward forces on inflation need to balance out. Economic activity picked up this year, but it is still soft. This softness has helped take the remaining steam out of inflation. With inflation now back at 2%, we want to see growth strengthen. Last week’s interest rate decision should contribute to a pickup in demand. Looking ahead, we expect the economy to gradually strengthen in 2025 and 2026, supported by lower interest rates. Population growth will be slower, but we anticipate consumer spending per capita will be picking up. We also expect growth in residential investment to rise as strong demand for housing lifts sales and spending on renovations. We expect business investment to strengthen as demand picks up, and exports should remain strong, supported by robust demand from the United States. Our forecast has inflation staying around the target over the projection horizon. The upward pressure from shelter and other services is expected to gradually diminish. With stronger demand, the downward pressure on inflation should also dissipate, keeping the upward and downward forces roughly balanced. There are risks around our inflation outlook. The biggest downside risk to inflation post: BANK OF CANADA GOVERNOR TIFF MACKLEM SAYS IF ECONOMY EVOLVES BROADLY IN LINE WITH OUR FORECAST, WE ANTICIPATE CUTTING OUR POLICY RATE FURTHER TO SUPPORT DEMAND AND KEEP INFLATION ON TARGET
- From @financialjuice|Oct 28, 2024|1 comment
post: BOC'S GOV. MACKLEM: WE WILL HAVE TO DISCOVER THE NEUTRAL RATE OVER TIME.
- From @LiveSquawk|Sep 24, 2024
post: BoC’s Macklem: Would Like To See Economic Growth Pick Up Above 2% post:
BOC'S MACKLEM: IF THERE'S FURTHER ADJUSTMENT IN THE LABOR MARKET, IT PROBABLY WILL BE MORE UNEMPLOYMENT
- From bankofcanada.ca|Sep 24, 2024
Good afternoon. I want to thank the Institute of International Finance and the Canadian Bankers Association for inviting me to take part in your 2024 Forum. Your focus on growth during uncertainty is timely. Uncertainty feels like the new reality: The uncertainty caused by war in Europe and in the Middle East. The uncertainties arising from geopolitical tensions and economic fragmentation. And the related uncertainties about supply chains, trading relationships and global investment risks. Rapid advances in new technologies, particularly artificial intelligence (AI) and its new offspring, Generative-AI, are disrupting business models and creating new uncertainties for firms and workers. Uncertainty surrounds the impacts of climate change and the policy frameworks to adapt to and mitigate it. There is political uncertainty. And fiscal uncertainty. As your theme implies, uncertainty and economic growth do not sit well together: uncertainty impedes growth. But with inspired policy, good business decisions and sound risk management, we can manage uncertainty and reduce its impact on households, businesses and growth. We have recent historical evidence. Sixteen years ago this month, Lehman Brothers failed, and the financial system froze because nobody knew which banks were safe. Today, the global financial system is much safer thanks to the implementation of sweeping global reforms to increase capital and liquidity buffers, and reduce leverage. With the rapid development of new vaccines and with exceptional fiscal and monetary policies, uncertainty about our health and the health of our economies has decreased dramatically since the depths of the COVID-19 pandemic. Thanks to decisive monetary policy action and the unblocking of supply chains, uncertainty about costs and inflation are much lower today than two years ago, when inflation peaked above 8% in Canada and was even higher in many other countries. In the past few weeks, I have given speeches on the shifting global trade landscape and the economic implications and risks post:
BANK OF CANADA GOVERNOR TIFF MACKLEM: **WITH CONTINUED PROGRESS WE'VE SEEN ON INFLATION, IT IS REASONABLE TO EXPECT FURTHER CUTS IN OUR POLICY RATE **THE TIMING AND PACE WILL BE DETERMINED BY INCOMING DATA AND OUR ASSESSMENT OF WHAT THOSE DATA MEAN FOR FUTURE INFLATION…
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