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MNI BRIEF: BOC Discussed Both Slower Cuts And 50BP Scenarios

MNI (OTTAWA) - Bank of Canada Governor Tiff Macklem told reporters Wednesday officials discussed scenarios where they could slow the pace of interest-rate cuts and the potential need for a half-point move, after announcing a third consecutive meeting with a quarter-point reduction. 

“If we need to take a bigger step, we’re prepared to take a bigger step,” he said at a press conference. There was a strong consensus for the current decision to cut by 25bps and the Bank isn't on a pre-determined path, he said. (See: MNI BOC WATCH: Third Straight Cut And Signals More Are Coming)

Macklem also said about a potential inflation under-shoot that while it's impossible to keep inflation at exactly 2% each month, seeking to keep inflation close to the middle of the 1% to 3% target band is a good way to meet the Bank's mandate, and reiterated the target is symmetrical. 

MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
Bank of CanadaCentral Bank NewsPolicy NewsHomepageCanadaBriefGlobalStoryRegionNorth America
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
Bank of CanadaCentral Bank NewsPolicy NewsHomepageCanadaBriefGlobalStoryRegionNorth America

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