Bank of Canada Governor Macklem speaking to an upper house committee in the Canadian parliament. Via video conference.

Senate Committee on Banking, Trade and Commerce

Remarks, Headlines via Reuters

  • Following a sharp bounce back in economic activity in the fall and winter, we’ve seen choppiness in growth again in Q2
  • complete recovery will still take some time
  • third wave of the virus has been a setback
  • overall, we expect the housing market to be better balanced, but we will continue to watch it closely
  • timing of 2% inflation target is unusually uncertain
  • further adjustments to our QE program will be gradual, and we will be deliberate in both our assessment of incoming data and the communication of our analysis

As I post CAD is doing basically nothing on all this.

Bank of Canada Governor Macklem speaking to an upper house committee in the Canadian parliament. Via video conference.