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Macklem's Opening Statement For House Doesn't Move The Dial

CANADA
  • Little immediate reaction to Macklem’s opening statement for the House Committee, with GoC yields still 3-4bps lower on the day since the release and USDCAD remaining rangebound at 1.3385.
  • It notes today’s CPI data as a sign of inflation coming down quickly – although it was very much in line with both market expectations and the BoC’s own forecast so that isn’t surprising.
  • The broad message repeats last week’s suite of communications, noting that inflation is seen falling quickly to 3% but then taking longer to moderate thereafter.
  • Repeating a message from the press conference and of greater focus for next week’s summary of deliberations: “When we met last week, the Bank’s Governing Council discussed whether we’ve raised rates enough, and we considered the likelihood that the policy rate may need to remain restrictive for longer to return inflation to the 2% target.”
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