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BoC Dep Gov Beaudry On Inflation

CANADA
  • Hitting at 1530ET yesterday, and after the CPI miss, BoC Dep Gov Beaudry noted that inflation is still too high but headed in the right direction, vowing to take “whatever actions” necessary to curb inflation.
  • Beaudry downplayed both the idea that Canada is entering a wage-price spiral, as some ex-advisers have argued and a risk scenario in the July MPR (which saw inflation only ease below 4% by end-2024), or the need for a recession to subdue inflation.
  • However, whilst Desjardins see the speech tilting “slightly dovish on the surface” with the Bank still aiming for a soft landing, “whatever actions” appears to introduce that it might take a recession to bring inflation down. It is slightly more hawkish than SDG Rogers’ remarks that the Bank remains “resolute” in tackling inflation or the statement that it would “take action as required”.
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