macklem
  • Economic growth and spending in H2 were stronger than forecast
  • Economy didn't cool as much as expected in H2
  • Lower gasoline prices are welcome but prices of essentials continue to rise too quickly
  • If we need to do more to get inflation to 2% target, we will
  • The full effect of rate hikes is still to be felt
  • Overall we view the risks to inflation as balanced

There haven't been any surprises so far. The conditional commitment to holding rates is what you would expect.

Comments in the Q&A:

  • If we see an accumulation of evidence that inflation isn't coming down, we'll act. This won't be based on one indicator
  • Rogers: The housing market is evolving broadly in line with our expectations. House prices have come down from extreme levels
  • Rogers: We do expect housing to come back, in part due to immigration
  • Rogers: We think there is a little bit further to go for the housing market to come down
  • Asked about October rate cut priced in, says it's far too early to be talking about cuts
  • China reopening rapidly could present upside risks to commodity prices and global inflation
  • Investment earnings losses are a temporary problem
  • We don't run monetary policy with a profit motive in mind
  • Wage growth looks to have plateaued in 4-5% range
  • The economy "is not gonna feel good" in the next few months but we need to rebalance