- BOC’s Macklem says evolution of household debt may affect timing of any rate hikes
- Pace of household debt is moderating
- Housing activity starting to decline, broadly in line with BOC expectations
- Canadian businesses should not count on a weaker CAD
- Ratio of household debt to income should stabilize later this year if trends continue
In terms of policy, not much to take away. In terms of who is talking, it sounds like a dress rehearsal for Macklem to take over from Carney. BOC Governors usually keep a very low profile and these are higher profile comments and Macklem is the favorite to take over when Carney ships across the pond.
