BOC Macklem is speaking and says:
- It is reasonable to expect further cuts in our policy rate
- The timing and pace will be determined by incoming data and our assessment of what those data mean for future inflation
More:
Bank of Canada is pleased to see inflation at 2%, now needs to stick the landing.
Continued easing in core inflation, which is still a little above 2%, is expected.
Consumer spending, business hiring, and investment will be closely watched.
There is concern about the rising share of borrowers without a mortgage who carry a credit card balance of at least 90% of their credit limit.
A notable increase in financial stress among borrowers without a mortgage, mainly renters, has been observed.
The bank is scaling down work on retail central bank digital currency, shifting focus to broader payments system research and policy development.
