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Macklem On Persistent Excess Demand Pressures In Last Few Months

CANADA
  • [paraphrasing the below questions and answers]
  • Q: A few months ago in Jan, you paused rates and indicated it would be a pause. Since then the housing market has recovered and said today it’s adding to inflation. Did you make a mistake in your messaging in January?
  • A: In Jan, we had raised rates very forcefully and it made sense to pause as mon pol works with a lag. We said we’re taking a conditional pause to assess whether we’ve raised rates enough. We’ve subsequently seen at first in line data and then for the last two-three months more persistent excess demand across a range of indicators.
  • We're now say we're taking it one decision at a time.
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