Tiff Macklem

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.