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
“Bank’s message is that it’s going to be a long climb back and interest rates are going to be low for an extended period.”
“Our outlook is highly conditional on the evolution of the virus itself.”
“We anticipate there will be localized flare-ups of the virus, we must be prepared for localized flare-ups.”
“There could be a second wave that requires a broad-based lockdown and that would knock us off our centralized scenario, we would need more monetary policy stimulus.”
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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