- Continues to expect inflation to come down in months ahead but will need to see further slowing in core inflation to get inflation back down to 2%
- QT program likely to end sometime around the end of 2024 or the first half of 2025
- BOC ready to act in the case of severe market-wide stress and provide liquidity for financial system
- Bar is very high for BOC to use large-scale bond purchases
- If faced with a UK-style pension fund crisis, BOC could use contingent term repo facility
There isn't much of a hint her on the direction of monetary policy. The Bank of Canada has signalled that it's on the sidelines and the markets expects the next move to be down with a full cut priced in at the September meeting.