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Lawmakers Press Governor Macklem On Budget Deficits And Housing

BOC
(MNI) OTTAWA
  • Governor Macklem's testimony to House of Commons finance committee Monday goes on an extra hour to discuss housing squeeze and he tells lawmakers a supply shortage has built up over a decade through both low and high interest rates.
  • Macklem reiterates under frequent questions from opposition Conservatives that spending across governments appears set to accelerate past potential economic growth and that would be "unhelpful" in fighting inflation.
  • Macklem reiterates outlook from last week's decision to hold rates at 5%: he could hike again if inflation remains troubling but there's more evidence rate hikes are working. Globally, he says “It’s working. It’s not working as quickly or as painlessly as people would like.”
  • Asked about potential for rate cuts: “The sooner we see clear evidence that inflation is headed back towards the 2% target, the sooner we can start discussing reducing interest rates,” Macklem says. “We don’t need to wait until it’s back to 2%, but we need to wait until we’re clearly on a path to 2%.”
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
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MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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