MNI BRIEF: Highlights From BOC Governor Macklem Speech

Bank of Canada Governor Tiff Macklem is speaking Thursday in Calgary, Alberta, and here are some highlights:

• "Monetary policy is working to bring inflation down—and we are encouraged by the progress we’ve made so far. Our 2% target is now in sight. But we are not there yet and we are concerned progress has slowed."
• "The data since mid-July are providing clearer evidence that higher interest rates are moderating spending and rebalancing demand and supply in the economy."
• "We remain concerned that overall inflationary pressures are persisting and larger-than-normal price increases remain broad-based across the goods and services Canadians buy regularly."
• "The softening in household spending on goods was most pronounced on larger items people often buy on credit. Together with the decline in housing activity, this points to the moderating effect higher interest rates are having on household spending."
• "With past interest rate increases still working their way through the economy, monetary policy may be sufficiently restrictive to restore price stability."
• "But getting to the 2% target is worth it. I want to be clear—we are committed to the 2% target."