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BOC Says Target In Sight But Remains Prepared To Hike

BOC
  • The Bank continues to balance the risks of under- and over-tightening, using softer language than yesterday's rate decision.
  • While Macklem said the 2% inflation target is in sight, the Bank remains concerned that progress has slowed.
  • The Bank is waiting for evidence that softening demand will translate to lower inflationary pressure to restore price stability.
  • The Bank said there is clearer evidence of higher rates moderating demand, particularly in interest sensitive housing and consumer spending. 
  • Macklem affirmed the need for inflation to be anchored at 2%; notes there will be a 2026 review of the monetary policy framework. The comment comes after a week of politicians complaining about the Bank's hiking campaign. 
  • Macklem will take questions after speech.
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