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MNI:BOC Sees Interest Rates Normalizing On Way To Soft Landing

Senior Deputy Carolyn Rogers also discusses mortgage markets.

Bank of Canada Senior Deputy Governor Carolyn Rogers said Wednesday that interest rates are moving back to normal from the highest in decades while avoiding an economic hard landing and households are able to cope with painful mortgage refinancing over the next two years. 

"Monetary policy worked: not painlessly, but it did get inflation under control without creating the sharp economic downturn that many feared," Rogers said in the text of a speech she's giving to the Economic Club of Canada in Toronto. "Interest rates have started to come down, and we have the prospect of further normalization ahead."

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Bank of Canada Senior Deputy Governor Carolyn Rogers said Wednesday that interest rates are moving back to normal from the highest in decades while avoiding an economic hard landing and households are able to cope with painful mortgage refinancing over the next two years. 

"Monetary policy worked: not painlessly, but it did get inflation under control without creating the sharp economic downturn that many feared," Rogers said in the text of a speech she's giving to the Economic Club of Canada in Toronto. "Interest rates have started to come down, and we have the prospect of further normalization ahead."

Keep reading...Show less