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
“The virus is going to be with us for some time, through this period we are going to have to continue to physically distance.”
“Families are being squeezed, hopefully as this virus progresses we get better at managing it, I hope we can find a way to reopen schools and get daycares back to work.”
“In order for inflation to be sustainably at the 2% target, output needs to be very close to potential, we need to have absorbed excess capacity.”
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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