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Macklem Toes The Line On CAD, Reiterates Want Downward Inflation Momentum

CANADA
Summarising the first few questions from the BoC press conference Q&A.
  • CAD has been reasonably stable (down against USD, up against most others). We’re not getting the direct appreciation effect to lower inflation so everything else equal we’ve got to rely more on interest rates. We don’t target the exchange rate, we take it into account.
  • Core inflation over last good eight months or so on three-month basis has seen very little downward momentum. Need to see clear downward momentum (echoing parts from statement).
  • If we saw evidence of higher energy prices are starting to feed through elsewhere then that would really be something of concern to us.
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