Comments from Macklem at a parliamentary committee

  • Reiterates QE will continue until recovery well underway
  • Very rapid growth of the reopening phase is over
  • Annual growth to average almost 4% in 2021 and 2022
  • Economy will still be operating below its potential into 2023
  • Inflation projected to remain less than 2% into 2023
  • Inflation is unusually weak

It's tough to take any of these forecasts seriously. Canada is back into a housing boom and keeping rates low forever while driving them down further via QE is a recipe for trouble.