BOC's Macklem - we are turning the corner on inflation, but are still a long way from our target

Added at 11:02am

BOC'S GOV. MACKLEM: THE BANK OF CANADA HAS QUICKLY RAISED INTEREST RATES; NOW IS THE TIME TO PAUSE AND CONSIDER WHETHER MONETARY POLICY IS SUFFICIENTLY RESTRICTIVE.
— Breaking Market News (@financialjuice) January 25, 2023

Added at 11:02am

<CAD=>:*MACKLEM SAYS FULL EFFECT OF HIKES TO DATE 'IS STILL TO COME'
*MACKLEM: RATE PAUSE IS 'CONDITIONAL ON ECONOMIC DEVELOPMENTS'
*HIKING TOO FAR RISKS UNDERSHOOTING INFLATION TARGET: MACKLEM
— Cable FX Macro (@cablefxmacro) January 25, 2023

Added at 11:03am

Macklem: Monetary Policy Report Press Conference Opening Statement

From bankofcanada.ca

Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s policy announcement and the Bank’s Monetary Policy Report (MPR). Our policy decision today has two elements. First, we raised our policy interest rate by 25 basis points to 4.50% and we are continuing quantitative tightening. Second, if economic developments evolve broadly in line with the forecast we published today, we expect to hold the policy rate at its current level while we assess the impact of the cumulative 425-basis-point increase in our policy rate. We have raised rates rapidly, and now it’s time to ... (full story)

Added at 11:11am

BoC’s Macklem: If We Need To Do More To Get Inflation To The 2% Target, We Will; If Upside Risks Materialise We Are Prepared To Raise Rates Further
— LiveSquawk (@LiveSquawk) January 25, 2023

- Older Stories
Press Conference: Monetary Policy Report – January 2023
From bankofcanada.ca|Jan 25, 2023
Press conference by Governor Tiff Macklem and Carolyn Rogers, Senior Deputy Governor (11:00 (ET) approx.).
Crude Inventory Climbed 533K Barrels vs 704K Expected
From streetinsider.com|Jan 25, 2023
U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending January 20, 2023 which was 127 thousand barrels per day more than the previous week’s ...
U.S. crude oil production will increase to new records in 2023 and 2024
From eia.gov|Jan 25, 2023
In our January 2023 Short-Term Energy Outlook, we forecast that crude oil production in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million ...

- Newer Stories
Kinder Morgan: Many gas pipes facing constraints on peak days. Many are almost full
From @financialjuice|Jan 25, 2023
tweet at 11:04am: KINDER MORGAN: MANY GAS PIPES FACING CONSTRAINTS ON PEAK DAYS. MANY ARE ALMOST FULL.
BOC's Gov. Macklem: If inflation falls, it will be proof that BOC has done enough
From @financialjuice|Jan 25, 2023
tweet at 11:16am: BOC'S GOV. MACKLEM: IF INFLATION FALLS, IT WILL BE PROOF THAT BOC HAS DONE ENOUGH. tweet at 11:15am: BOC'S GOV. MACKLEM: WHEN ASKED WHAT HE WOULD NEED TO SEE TO RAISE INTEREST RATES AGAIN, HE SAYS HE WOULD LOOK FOR AN ACCUMULATION OF EVIDENCE. tweet at 11:17am: BOC'S GOV. MACKLEM: SERVICE INFLATION WILL TAKE LONGER TO DECLINE. tweet at 11:17am: Boc's gov. macklem: service inflation will take longer to decline. tweet at 11:20am: BOC’S MACKLEM: IT IS ‘FAR TOO EARLY TO TALK ABOUT RATE CUT’; INFLATION STILL 6% VS. 2% TARGET #interestrates #inflation #Canada #economy
BOC's Gov. Macklem: The likelihood of a wage-price spiral has decreased
From @financialjuice|Jan 25, 2023
tweet at 11:29am: BOC'S GOV. MACKLEM: THE LIKELIHOOD OF A WAGE-PRICE SPIRAL HAS DECREASED. tweet at 11:32am: BOC'S GOV. MACKLEM: IT WILL NOT FEEL GOOD IF THE ECONOMY STALLS, BUT WE NEED THIS PERIOD OF NO GROWTH. tweet at 11:34am: BOC'S GOV. MACKLEM: THERE MAY BE A MILD RECESSION, BUT IT WILL NOT BE A CONTRATCION.

Macklem: Monetary Policy Report Press Conference Opening Statement