Bank of Canada Governor Macklem speaking in an FT Op-Ed:

Bank of Canada's Macklem
  • Economic slack is still not absorbed but we are getting closer
  • Adding further stimulus through QE is no longer needed
  • Continue to believe slack remains in economy and therefore considerable monetary stimulus is still required
  • Supply disruptions appear lasting longer than the thought, energy price increases are adding to current inflation rates
  • Will adjust if we end up wrong about persistence of inflationary pressures, how much slack remains in economy
  • Forward guidance has been clear that we will not raise interest rates until economic slack is absorbed

There is little market reaction in the USDCAD to the comments as they are consistent with previous comments.