Initial comments from the BOC Governor:

Initial comments from the BOC Governor:
  • He's struck by how much progress the economy has made since the start of the pandemic
  • Could take some time to work through issues in labor market
  • It is our job to get inflation back to target and I assure we will do that
  • How long bond reinvestment phase lasts is a future decision. It is reasonable to expect that we will be there for a period of time, at least until we raise our policy interest rate
  • So far, measures of medium- to longer-term inflation expectations remain well anchored on the 2 percent target
  • Overall wage pressures remain moderate
  • Full statement

There's nothing market moving so far.

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