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Deputy Governor Kozicki Speech Highlights

BOC
  • Deputy Governor Kozicki's comments on the balance of risks from under- vs over-tightening were little changed from the September rate-decision. 
  • The Bank remains concerned about underlying inflation as it remains broad-based and has had "little downward momentum." 
  • The Bank remains prepared to increase the policy interest rate further to restore price stability. 
  • "The stance of monetary policy, as measured by real interest rates, entered restrictive territory only recently in the wake of a higher policy rate and declining inflation expectations."
  • "Inflation has come down, but it is still too high. And that tends to mean that real interest rates need to remain high."
  • "Low for long implies that all five-year fixed-rate mortgages issued before 2022 will likely face significantly higher interest rates when they are renewed. That is what has been happening, and it could continue for an additional three and a half years. The resulting drag on spending could last even longer."
  • "Balancing the pandemic paradox of accumulated debt and accumulated wealth has been a defining feature of monetary policy considerations during this cycle of tightening."
  • Kozicki pushed back on removing mortgage interest costs from inflation measures, stating that core CPI is above target levels even after its exclusion. 
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