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MNI BRIEF: Highlights of Bank of Canada Deputy Beaudry Speech


Bank of Canada Deputy Governor Paul Beaudry is speaking Thursday in Victoria, British Columbia, and here are some highlights:

  • "The Bank remains focused on taking the steps needed to restore inflation to 2%."
  • "The likelihood that total inflation could get stuck well above the 2% target had increased. Based on this accumulated evidence, we decided to raise the policy rate."
  • "We know this tightening cycle has not been easy for many Canadians. But the 
    alternative—not controlling inflation—would be far worse."
  • "Our most recent analysis suggests Canada’s neutral rate has not drifted much from its pre-pandemic range and currently lies around 0%–1% in real terms, or 2%–3% in nominal terms."
  • "The risks appear mostly tilted to the upside. In the Bank’s view, that makes it more likely that long-term real interest rates will remain elevated relative to their pre-pandemic levels than the opposite."

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