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Recap Of Macklem’s Status Quo House Appearance

CANADA
  • BoC Governor Macklem’s opening statement for the House finance committee from late yesterday echoed and in some places was identical to the statement for the press conference of the Oct 26 mon pol meeting (between which CPI was in line with market expectations).
  • We are “still far” from the Bank’s goal of low, stable and predictable inflation with “no easy outs” to restoring price stability, getting closer to the end of the hiking cycle but not there yet.
  • Again, as before, risks to the inflation forecast are seen reasonably balanced but they are particularly concerned about upside risks.
  • Heavily repeated language offers little new steer for the Dec 7 decision, with the market and analysts still undecided between a 25bp and 50bp hike, adding focus on next week’s GDP for Sep/Q3 and Nov employment report.
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