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Gravelle On Why The BoC Kept To Its Hiking Bias

CANADA
paraphrasing remarks from the press conference with BoC Dep Gov Gravelle:
  • We still see risk to the inflation outlook and are prepared to raise our policy rate further. That’s basically a reference to what we’ve been concerned about for a long while, this potential persistence in the inflation profile.
  • It’s reflected in some of the indicators we’re looking – continued high wage growth of 4-5%, high short-term inflation expectations and we haven’t seen price setting behaviour of firms come back to normal yet. Those are starting to move towards that direction but we haven’t seen enough data to be less concerned about the inflation outlook that could have a period of increases.
  • Inflation went down to 2.8% in June and then popped back up to 4% in August so there’s still some volatility out there and that's why we’re holding onto that stance.
  • Although we’ve seen some good news in certain inflation measures in October, it’s only one data point and we want to see enough information that we see inflation on a sustainable path to 2%.
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