Macklem June 24
- We've seen inflationary pressures ease and we think they will continue to ease
- We need to have conversations on improving our productivity
- We've had exceptionally-strong supply shocks
- We have too many small differences between provinces creating barriers
- The economy has been changing rapidly
- My intention today was to highlight the things we're looking at in the labor market
- We are looking for further moderation in wages; not all wage measures are equal, some help separate out wage gains related to productivity
- I wanted to provide some info today on which productivity measures we're watching most closely
- If the economy evolves broadly as we expect, it is reasonable to expect further cuts
- We're going to be taking it one meeting at a time
- Since we started raising rates about 50% of mortgages have renewed but the other 50% will have a bigger reset and that's something that's factoring into our monetary policy decisions
- We don't want to jeopardize the progress we've made on inflation
I spoke about the loonie and my aggressive outlook for it earlier today.