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:

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 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

Bank of Canada Carolyn Rogers