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BOC Repeats That Interest-Rate Debate Has Shifted To How Long To Hold

BOC
  • "We decided to hold our policy rate at 5%, which is the level we think is needed to take the remaining steam out of inflation. What will be needed from monetary policy going forward will depend on the evolution of growth and inflation."
  • The speech did not include language around an interest-rate hike. 
  • "With continued evidence that monetary policy is working, Governing Council’s discussion about future policy is shifting from whether monetary policy is restrictive enough to how long to maintain the current restrictive stance."
  • BoC still expects growth to remain weak in the near term before picking up in the middle of 2024 despite surprisingly strong flash 2023 Q4 GDP results.
  • "The resulting push and pull on inflation means the path back to 2% inflation is likely to be slow and risks remain."
  • Macklem emphasized that housing prices and productivity are structural problems impacting inflationary pressures, but are out of the easy reach of monetary policy.  
  • "Inflation has come down around the world. It has not been easy..., but inflation targets are now in sight, and the year ahead should bring further progress."
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