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BoC’s Macklem Up Next

CANADA
  • Governor Macklem’s remarks are due at 1355ET after yesterday’s BoC statement said it would hike further if needed as inflation remained persistent but that excess demand had eased.
  • Some potential areas of interest: i) more detail around the recent weakness in GDP growth and how much of it is seen as one-off (only wildfires were explicitly mentioned in the statement), ii) yesterday's further weakness in labour productivity and very strong ULC growth, iii) the limited impact a higher unemployment rate is having on wage growth, and iv) the differing extent of moderation in various core inflation metrics.
  • We also look to see whether there is the familiar line that it's too soon to be talking about rate cuts.
  • The speech itself will then follow at 1410ET including audience Q&A before media Q&A at 1530ET.
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