- Says not terribly worried about pressure on the Canadian dollar
- Spread of 50 bps between Fed and BOC isn't large by historical standards
- Lesson from history is not to be half-hearted on rate hikes and not to cut too soon
- We don't want it to be more painful than it needs to be either
- We are feeling better about inflation than we did last summer
- The risk of a wage-price spiral has reduced
- We're really not thinking about interest rate cuts
USD/CAD is down 95 pips today to 1.3250 today but Macklem isn't a part of that.