- House prices rose about 50%, on average since the beginning of the pandemic
- Some housing markets have recently seen declines
- Our top priority is to get inflation back to target
- Some moderation in housing would be healthy
- A big correction in house prices could have broader implications for economy and household spending
- We think the economy needs higher interest rates
- The likelihood that we need to go to the top of the 2-3% neutral range or above
- 'More forcefully' means more steps or means we may need to move more quickly
- We set monetary policy, not housing policy
- The housing market has been unsustainably strong
- The economy is overheating
There were some strong comments here about the willingness to tighten rates. At the same time, the Canadian dollar is at the lows of the day as worries mount about housing.
