BOC Tiff Macklem
- Employment growth has been surprisingly strong reflecting continued demand increases in labor supply
- past policy rate increases are working their way through the economy
- we view risks around our inflation forecast to be roughly balanced, but are more concerned about the upside risks
- forecasts for positive but weak growth in final three quarters of this year is something most people would call a "soft landing"
- We are guided by inflation and achieving inflation mandate.
- Labor market is important to see where inflation is going
- We need weak growth as demand is running too strong
- Probably need to see unemployment rate move up to slow demand
- We expect housing to remain subdued but as we get to the 2nd half we expected to start to grow again.
- High immigration leads to underpinning of demand
- You should plan on inflation coming down
- We need to get demand and supply better balance. It is coming back to normal but it is not normal yet.