BoC Macklem, more: Will be a difficult move to 2% inflation, don't want to minimize

Bank of Canada Governor Macklem and Senior Deputy Governor Carolyn Rogers are appearing before the Canadian Parliament's Standing Senate Committee on Banking, Commerce and the Economy,.

Earlier remarks reported here:

• BOC Macklem says expects to hike rates even further
• BoC Macklem - more: Inflation measures have stopped rising rapidly but not yet dropped
• CAD is barely responding to Bank of Canada Governor Macklem comments

More now.

Bank of Canada Senior Deputy Governor Carolyn Rogers

• Says what we're told by most commercial banks is many variable-rate mortgages have since been converted to fixed rate

Macklem:

• A 50 basis points hike is a bigger than normal step, it's a big step
• Macklem, talking about next rate move: maybe it's another bigger than normal step or maybe we can go down to more normal steps
• We don't want to minimize that there will be a difficult transition to go through to get to 2% inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term target
• It's been a long time since we had high inflation, and we're rediscovering that it corrodes the social fabric
• High inflation makes people angry, people feel ripped off, and that's one of the big problems with inflation
• If the CAD is weaker than we project we would have more work to do with interest rates

Bank of Canada Carolyn Rogers