Comments from BOC Governor Macklem and Senior Deputy Caroline Rogers
- Canadians should expect a rising path of rates
- Today marks the final step in exiting emergency policies
- We want to clearly indicate that rates will increase
- There is some uncertainty about when inflation will be brought under control but Canadians can be certain we will get it under control
- There is some evidence that supply chain disruptions may have peaked
- We are mindful that omicron will dampen spending in Q1 so we decided to keep our policy rate unchanged today
- Omicron could further disrupt supply chains
- There could be some downward pressure on the prices of goods
- Overall we judge that inflation pressures are balanced
USD/CAD has slipped during the early part of the press conference, falling to 1.2600 from 1.2625.