MNI BRIEF: BOC Says Rising Yields Reflect Vaccine,Policy Gains

Bank of Canada Governor Tiff Macklem said Tuesday rising bond yields reflect the success of monetary and fiscal stimulus and the vaccine rollout and reiterated his view that QE will be needed until the economic recovery is well advanced.

Macklem at a press conference also said his earlier speech mentioning full employment along the mandate for 2% inflation isn't meant as a signal he will change the central bank's operating framework later this year.

Housing markets are showing some signs of overheating but for now the economy needs all the growth it can get and policy measures to rein in housing aren't needed at the moment, Macklem said.