BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Powell Questioned On Tightening Channels and The Housing Market

FED
  • Q: On mon pol tightening channels and housing market
  • A: I would say a big channel is the labor market and that is very, very strong. Households have strong balance sheets. So it may take time. It may take resolve and patience. It's likely to get inflation down. I think you see from our forecasts and others, that it will take some time for inflation to come down.
  • Housing is significantly affected by these higher rates, which are really back where they were before the global financial crisis. They're not historically high, but they're higher than they've been. You're seeing housing activity decline. You're seeing housing prices growing at a faster rate and in some parts of the country declining. The housing market was very overheated for a couple years after the pandemic as demand increased and rates were low. The housing market needs to get back into a balance between supply and demand. We're well aware of what's going on there.
  • From a financial stability standpoint, we didn't see in this cycle the kinds of poor credit that we saw before the GFC. It's a very different situation and doesn't appear to present financial stability issues. But we do understand that's where a really big effect of our policies is.
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