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CANADA: Macklem Doesn't Offer Change In Guidance After Latest Jobs Report

CANADA
  • Q: The unemployment rate increased 20bps again in latest data, how much further loosening needs to be seen before you feel the need to speed up the pace you get to neutral at?
  • Paraphrasing Macklem's reply: There was very modest growth in employment and in many respects it’s followed the pattern we’ve seen for a number of months being well below the pace of the labour force growth. Going forward, we’ve been pretty clear that we expect inflation will continue to ease and we want to see growth pick up. Against that backdrop it’s reasonable to expect further cuts if inflation continues to evolve as expected (per last week’s statement). Looking forward, there are a few scenarios you can imagine, with Macklem then again talking on scenarios that could see a need to either slow the pace of further rate cuts or potentially lower rates more quickly. We’re going to be assessing those risks one meeting at a time.
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