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BoC’s Macklem Senate Hearing (1830ET)

CANADA
  • Gov. Macklem has the second round of hearings, this time at the Senate committee at 1830-2030ET. There is no media Q&A afterwards.
  • The opening statement is likely to be the same as from the House appearance on Monday, reinforcing the intention to be as forceful as necessary (which in turn followed along the lines of the opening statement to the Apr 13 BoC press conference).
  • The main takeaway from the following questions was Macklem saying a second 50bp hike would be considered at the next meeting in June whilst pushing back against a 75bp hike as being “very unusual”.
  • This is likely to be repeated at this hearing, with any change a surprise twist in guidance.
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