Comments from Macklem in the opening statement
- There is a risk that Q1 decline could be larger than -2.5% due to virus containment measures
- As we move into Q2, we expected to see sustained strength in consumption
- There is clear reason for medium-term economic optimism but we are not there yet
- BOC has options if economy turns out to be 'substantially' weaker, we have options to add more stimulus
- As we gain confidence in the pace of the recovery, the pace of QE will be adjusted
There were no surprises in the opening statement.
