Macklem: Monetary Policy Report Press Conference Opening Statement

From bankofcanada.ca

Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss the July Monetary Policy Report (MPR) and today’s policy announcement. Today, we lowered our policy interest rate a further 25 basis points to 4.5%. This decision reflects three key considerations. First, monetary policy is working to ease broad price pressures. Second, with the economy in excess supply and slack in the labour market, the economy has more room to grow without creating inflationary pressures. Third, as inflation gets closer to the 2% target, the risk that inflation comes in higher than expected has to be ... (full story)