Comments from Macklem in the BOC press conference
- We lowered US growth projections due to the recent spike in virus cases
- Lower US forecasts spill over into Canadian exports
- We are being unusually clear on forward guidance to show rates will be low for a long time
- Our message is that it's going to be a long climb back and we're going to be there the whole time
- The message is that interest rates are going to be low for an extended period
- The end of quantitative easing is "a long way off"
- We have the tools we need to exit when the time comes, but that is some ways off
- The virus is going to be with us for some time
- Rates won't move until the output gap closes
The press conference has ended now and the loonie was strong throughout even as risk trades ebb.