Following the Bank of Canada’s (BoC) decision to leave its policy rate unchanged at 0.25% as expected, Governor Tiff Macklem and Senior Deputy Governor Carolyn A. Wilkins are delivering their remarks on the monetary policy outlook.
Key quotes
“Many people may find it hard to return to work particularly if schools and child-care facilities cannot fully reopen.”
“Burden of this challenge falls disproportionately on women.”
“With the rapid rise of COVID-19 cases in the US, we did take down our US projections in the last couple of weeks.”
“We have seen a historic drop in economic activity in the first half of this year, it’s going to be a long climb out.”
“We are being unusually clear that interest rates are going to be low for a long time.”
About Tiff Macklem via bankofcanada.ca
“Tiff Macklem was appointed Governor of the Bank of Canada, effective June 3, 2020, for a term of seven years. During the Global Financial Crisis, Mr. Macklem was Associate Deputy Minister at the Department of Finance, and served as Canada’s representative at the G7, G20 and Financial Stability Board. In July 2010, Mr. Macklem returned to the Bank and was appointed Senior Deputy Governor.”
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