CA BOC Gov Macklem Speaks
As head of the central bank, which controls short term interest rates, he has the most influence over monetary policy. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future policy;
BOC Governor Jun 2020 - Jun 2027. Volatility is sometimes experienced during his speeches as traders attempt to decipher interest rate clues;
- History
Expected Impact / Date | Description |
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Jun 24, 2024 | Due to deliver a speech titled "Workers, jobs, growth and inflation—Today and tomorrow" at the Winnipeg Chamber of Commerce. Audience questions expected; |
Jun 13, 2024 | Due to participate in a fireside chat at the Bank for International Settlements Toronto Innovation Hub Centre, in Toronto; |
Jun 12, 2024 | Due to participate in a panel discussion titled "Overcoming Economic Volatility" at the Conference of Montreal; |
May 9, 2024 | Due to hold a press conference about the Financial System Review, in Ottawa; |
May 2, 2024 | Due to testify, along with Senior Deputy Governor Carolyn Rogers, before the House of Commons Standing Committee on Finance, in Ottawa; |
May 1, 2024 | Due to testify, along with Senior Deputy Governor Carolyn Rogers, before the Standing Senate Committee on Banking, Commerce and the Economy, in Ottawa; |
Apr 16, 2024 | Due to participate in a fireside chat about economic trends in North America at the Wilson Center’s Washington Forum, in Washington DC; |
Feb 6, 2024 | Due to speak about the effectiveness and the limitations of monetary policy at the Montreal Council on Foreign Relations, in Quebec. Audience questions expected; |
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- CA BOC Gov Macklem Speaks News
- From @financialjuice|Jun 24, 2024
post: BOC'S GOV. MACKLEM: IT'S REASONABLE TO EXPECT FURTHER CUTS.
- From bankofcanada.ca|Jun 24, 2024|3 comments
Good afternoon. It’s a pleasure to be here. Today is, of course, Saint-Jean-Baptiste Day, celebrated by many franco-Manitobans. Bonne Saint-Jean à toutes et à tous! When I started as governor on June 3, 2020, the economy was in crisis. It was early in the pandemic and Canada’s unemployment rate was 14%—the highest on record. Inflation was well below the 2% target—actually, it was slightly negative. The immediate priority was to avoid deflation and get the economy back on its feet. But since 2022, we’ve been fighting a new battle—high inflation. When the economy reopened, the combination of gummed up global supply chains, a strong surge in demand and Russia’s unprovoked invasion of Ukraine sent inflation sharply higher. It peaked at just over 8% in June 2022. For more than two years, our focus has been getting inflation back down. We’ve come a long way. Monetary policy has worked, and it is continuing to work. Since January, inflation has been below 3%, and our measures of underlying inflation have eased steadily. This has increased our confidence that inflation will continue to move closer to the 2% target this year. And earlier this month, we lowered our policy interest rate for the first time in four years. Low, stable and predictable inflation allows Canadians to spend and invest with confidence. It lowers uncertainty and encourages long-term investment. And it contributes to sustained job creation and greater productivity. This in turn leads to improvements in our standard of living. That’s why price stability is our number one priority. A key ingredient for price stability is a healthy labour market—one in which Canadians have the jobs they want, employers have the workers they need, and real wages grow in line with productivity. Economists call this maximum sustainable employment—the highest level of employment the economy can sustain without triggering inflationary pressures. The health of the Canadian labour market is what I’ll talk about today. In post: BOC’S MACKLEM: WE CONTINUE TO THINK WE DON’T NEED A LARGE RISE IN JOBLESS RATE TO GET INFLATION BACK TO TARGET BOC’S MACKLEM: SIGNS OF FINANCIAL STRESS ARE PARTICULARLY EVIDENT AMONG RENTERS, WHO ARE OFTEN YOUNGER WORKERS AND NEWCOMERS post: BOC'S GOV. MACKLEM: THE PATH TO A SOFT LANDING FOR THE ECONOMY HAS ALWAYS BEEN NARROW AND WE HAVE YET TO FULLY STICK THE LANDING.
- From @LiveSquawk|Jun 12, 2024|1 comment
post: BoC’s Macklem: MonPol No Longer Needs To Be As Restrictive As It Has Been - Still Need To Get Inflation Down Further To Our TargetsMacklem: Central banking - Navigating in a new world Good afternoon. It’s always great to be back in Montréal, my hometown. And I could not be more pleased to be here with Joachim Nagel, President of the Deutsche Bundesbank. Thank you for visiting us in Canada. Since I’m on my home turf, let me start us off with a few words about where we find ourselves in economic history. Key lessons from high inflation Canada and Germany have just come through the biggest inflation we’ve experienced in 40 years. And as painful as this has been, it has highlighted some lessons. I will focus on three in the Canadian context. First, we ignore the supply-side of the economy at our peril. As central banks, we tend to focus on the demand side because that’s what we influence with interest rates. But coming out of the pandemic, we learned that it is much easier to restore demand than supply. High inflation was a stark reminder that supply shocks can cumulate and persist—and when they intersect with periods of strong demand, the inflationary consequences can be large. Looking ahead, technological change, geopolitical tensions, climate change, and shifting trade and investment flows all suggest we may experience more supply shocks than we did in the past. Businesses and central banks need to be ready. Second, inflation is painful—that’s not a new lesson, but for many of our citizens it was their first experience with high inflation. And it has been painful. Inflation harms people and the economy, and it corrodes trust in our market-based system. Th
- From bankofcanada.ca|May 9, 2024
Release of the Financial Stability Report — Press conference by Governor Tiff Macklem and Carolyn Rogers, Senior Deputy Governor (11:00 (ET) approx.).
- From bankofcanada.ca|May 9, 2024
A stable and efficient financial system is essential for sustaining economic growth and raising standards of living. In the Financial Stability Report, the Bank of Canada assesses the resilience of the Canadian financial system and identifies key risks that could undermine its stability. This year, the Bank renamed its annual assessment of the stability of the Canadian financial system to the Financial Stability Report from the Financial System Review. This reflects a continuing evolution in how the Bank assesses risks to Canadian financial stability. In particular, the Report: takes more of a cross-sectoral perspective when assessing overall financial stability in Canada by accounting for interconnections among sectors in the financial system considers how financial system participants are building resilience against the risks to their sector and to the broader financial system Analysis about the structure and efficiency of the financial s post: BOC REPORT: CANADA'S FINANCIAL SYSTEM APPEARS RESILIENT; OVER THE LAST YEAR FINANCIAL SYSTEM PARTICIPANTS HAVE CONTINUED TO PROACTIVELY ADJUST TO HIGHER RATES. post: BOC REPORT: SIGNS OF FINANCIAL STRESS HAVE RISEN PRIMARILY AMONG HOUSEHOLDS WITHOUT A MORTGAGE.
- From bankofcanada.ca|May 2, 2024
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. In April, we maintained our policy interest rate at 5% and published a revised outlook for the Canadian economy. We had three key messages. First, monetary policy is working. Total consumer price index (CPI) and core inflation have eased further in recent months, and we expect inflation to continue to move closer to the 2% target this year. Second, growth in the economy looks to be picking up. We expect GDP growth to be solid this year and to strengthen further in 2025. Third, as we consider how much longer to hold the policy rate at the current level, we’re looking for evidence that the recent further easing in underlying inflation will be sustained. Before taking your questions, let me take a moment to discuss recent economic data and the outlook for growth and inflation. In Canada, growth stalled in the second half of last year and the economy moved into excess supply. The labour market also cooled from very overheated levels. With employment growing more slowly than the working-age population, the unemployment rate has risen gradually over the last year to 6.1% in March. There are also some signs that wage pressures are beginning post: BOC'S GOV. MACKLEM: IF WE CUT INTEREST RATES AND THAT WEAKENS THE C$, THAT IS SOMETHING YOU TAKE INTO ACCOUNT WITH HOW MUCH YOU NEED TO REDUCE INTEREST RATES.
- From scotiabank.com|May 1, 2024
The FOMC smartly executed an overall set of communications that struck a balance between ruling out nearer term easing, sticking to the line that the most likely next move is down, while pouring cool—not ice cold—water on the risk of rate hikes. The result was taken reasonably well by markets and broadly met my expectations for Powell & Co not sounding more hawkish than what was already priced going in. Grade ‘A’ in my view. Markets See-sawed But Generally Liked It: Fed funds futures pricing for cumulative easing this year increased ...
- From bankofcanada.ca|May 1, 2024
Available as: PDF Good afternoon. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. In April, we maintained our policy interest rate at 5% and published a revised outlook for the Canadian economy. We had three key messages. First, monetary policy is working. Total consumer price index (CPI) and core inflation have eased further in recent months, and we expect inflation to continue to move closer to the 2% target this year. Second, growth in the economy looks to be picking up. We expect GDP growth to be solid this year and to strengthen further in 2025. Third, as we consider how much longer to hold the policy rate at the current level, we’re looking for evidence that the recent further easing in underlying inflation will be sustained. Before taking your questions, let me take a moment to discuss recent economic data and the outlook for growth and inflation. In Canada, growth stalled in the second half of last year and the economy moved into excess supply. The labour market also cooled from very overheated levels. With employment growing more slowly than the working-age population, the unemployment rate has risen gradually over the last year to 6.1% in March. There are also some signs that wage pressures are beginning to ease. Economic growth is forecast to strengthen in 2024. Strong population growth is increasing consumer demand as well as the supply of workers, and spending by households is forecast to recover through the year. Spending by governments also contributes to growth, and US strength supports Canadian exports. Overall, we forecast GDP growth in Canada of 1.5% this year and about 2% in 2025 and 2026. The strengthening economy will gradually absorb excess supply through 2025 and into 2026. CPI inflation was 2.9% in March, and price increases are now slowing across most major categories. However, shelter cost inflation is still very high and remains the biggest contribution to overall inflation. Looking ahead, we expect core inflation to cont post: BOC'S GOV. MACKLEM: MONETARY POLICY IS WORKING. post: BOC'S GOV. MACKLEM: GROWTH IN THE ECONOMY LOOKS TO BE PICKING UP. post: BOC'S GOV. MACKLEM: WE ARE GETTING CLOSER TO BEING ABLE TO CUT RATES.
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