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MNI BRIEF: BOC Should Have Been Clearer On Exiting Zero Rates

Bank of CanadaCentral Bank NewsPolicy NewsCanadaBriefStoryNorth America

MNI (OTTAWA) - Bank of Canada Governor Tiff Macklem said officials have taken on lessons about fuzzy communication from when interest rates were at the zero lower bound during the pandemic. 

"We learned from this that forward guidance has its uses, but it has to be used very carefully," Macklem said Wednesday at a press conference in response to a question from MNI. "We should have been clearer about the exit clauses, the conditions under which this would hold. And I think yes, in the process of communicating it, those conditions weren’t as clear as they should have been." (See: MNI INTERVIEW: BOC Cuts Will Be More Hesitant- WLU Researcher)  

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MNI (OTTAWA) - Bank of Canada Governor Tiff Macklem said officials have taken on lessons about fuzzy communication from when interest rates were at the zero lower bound during the pandemic. 

"We learned from this that forward guidance has its uses, but it has to be used very carefully," Macklem said Wednesday at a press conference in response to a question from MNI. "We should have been clearer about the exit clauses, the conditions under which this would hold. And I think yes, in the process of communicating it, those conditions weren’t as clear as they should have been." (See: MNI INTERVIEW: BOC Cuts Will Be More Hesitant- WLU Researcher)