BOC Press Conference: Release of the Monetary Policy Report

Consumer price index (CPI) inflation in Canada is easing as monetary policy works to reduce inflationary pressures. Core inflation is also coming down, although risks remain and ...

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative ...

Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s policy announcement and our Monetary Policy Report. Today, we maintained our policy interest rate at 5%. We are also continuing our policy of quantitative tightening. We have three main messages this morning. 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 how the economy is evolving. We have revised up our outlook for global growth. US economic growth again exceeded expectations, and while growth is expected to slow later this year, economic activity is stronger than previously forecast. post: BANK OF CANADA GOVERNOR TIFF MACKLEM SAYS JUNE RATE CUT POSSIBLE @MtlExchange post: BOC MACKLEM: WOULD BE APPROPRIATE TO LOWER INTEREST RATES WHEN WE CAN BE MORE CONFIDENT THAT PROGRESS IN EASING INFLATION IS SUSTAINED #Macklem #BoC #rates #economy #Canada post: BOC'S GOV. MACKLEM: HIGHER NEUTRAL RATE DOESN'T IMPACT 'NEAR-TERM' POLICY. post: Macklem: We did discuss when to cut rates, there was a 'clear consensus' to hold pic.twitter.com/VRcDdHwL0A