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BOC Says Trade Disruptions Could Increase The Variability Of Inflation

BOC
  • BOC says trade disruptions could increase the variability of inflation and may mean larger deviations from the 2% inflation target.
  • BOC says that as globalization slows down, the cost of global goods may not fall by the same degree, potentially putting more upward pressure on inflation.
  • "Supply shocks present central banks with a difficult trade-off—monetary policy can’t stabilize growth and inflation at the same time."
  • Macklem said Tuesday the Bank will continue its focus on risk management, balancing the upside risks to inflation with the downside risks to economic growth. "Most importantly, we must avoid adding uncertainty to an already uncertain environment. That means ensuring inflation is low, stable and predictable even as global trade is being rewired, recast and redirected."
  • Macklem did not comment on the outlook for the current policy rate. 
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