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Limited Reaction To Macklem Remarks, Q&A Begins

  • GoC yields fluctuated on Macklem's prepared comments before ultimately moving back where they were prior to the release for the short-end and belly, or fractionally higher for the longer-end.
  • UDSCAD has been little changed, hovering around levels first dropped to after oil moved higher on US inventories.
  • There will now be a Q&A before a press conference for media at approx. 1330ET.
  • The MNI policy team summarised the prepared text as a good deal of the country's nearly 5% inflation rate is caused by temporary global supply pressures, but stressed that dialing price gains all the way back to his 2% target requires a "significant shift" to a path of rate increases.

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