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Macklem: Opening Statement before the House of Commons Standing Committee on Finance
Good evening. 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 (MPR). In October, we raised the policy interest rate by 50 basis points to 3.75%. This is the sixth consecutive increase since March. We also expect our policy rate will need to rise further. How much further will depend on how monetary policy is working to slow demand, how supply challenges are resolving and how inflation and inflation expectations are responding to this tightening cycle. Our decision reflected several considerations. First, ... (full story)
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BOC'S GOV. MACKLEM: WE ANTICIPATE THAT OUR POLICY RATE WILL NEED TO BE RAISED FURTHER.
— Breaking Market News (@financialjuice) November 23, 2022
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BOC'S GOV. MACKLEM: HOW FAR POLICY RATES MUST RISE DEPENDS ON HOW WELL MONETARY POLICY IS WORKING TO SLOW DEMAND.
— Breaking Market News (@financialjuice) November 23, 2022
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BOC'S GOV. MACKLEM: IN CANADA, INFLATION REMAINS HIGH AND WIDESPREAD, REFLECTING SIGNIFICANT INCREASES IN BOTH GOODS AND SERVICES PRICES.
— Breaking Market News (@financialjuice) November 23, 2022
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BOC'S GOV. MACKLEM: THE CANADIAN ECONOMY IS STILL OVERHEATED AND IN EXCESS DEMAND.
— Breaking Market News (@financialjuice) November 23, 2022