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Gravelle Q&A Highlights

CANADA
Highlights from Dep Gov Gravelle's Q&A after his speech on QT:
  • Q on yesterday’s CPI release for February.
  • Gravelle: "The number came out very encouraging but it’s one number first of all. We're two weeks away from an MPR projection. We’re going to look under the hood of that data and try to understand what it means in aggregate across previous CPI numbers and other macroeconomic data. We’re trying to get a good sense of underlying inflation and where it’s going" with the Bank look at its usual four indicators.
  • Q: What’s the BoC’s comfort level for CORRA deviations from target?Gravelle: We have a discomfort for when it deviates further and further from target. He didn't define a certain level but instead stuck to mentioning the tools that can bring deviations back down again, such as o/n repo operations, which can be "amped up quite substantially", and then morning Receiver General auctions.
  • Q on the work behind the BoC eyeing settlement balances at C$20-60bn.
  • Gravelle: That number is based on quantitative estimates as well as surveys with Lynx participants. You want enough balances so that arbitrage pushes the overnight rate to the policy rate, but not so much that banks (in particular who usually have a liquidity buffer) get lax at managing their liquidity in an appropriate manner.
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