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Macklem: Non-Zero Risk Of Rate Hike But Not Base Case

CANADA
  • When asked if the risk of a rate hike is zero right now, Macklem offered a similar takeaway to the watered down hiking bias that was seen in the press conference opening statement (with the firmer hiking bias removed from the decision statement), with if and may doing a lot of work.
  • A: The risk is not zero. In the opening statement I was clear that if we saw renewed upward pressure on inflation and it was going to be durable then yes, we probably would have to raise rates further. If we saw those upside risks materializing then yes, we may need to hike further. The message today though is that that’s not our base case.
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