Bank of Canada Governor Macklem and Senior Deputy Governor Carolyn Rogers are appearing before the Canadian Parliament's Standing Senate Committee on Banking, Commerce and the Economy,.
Earlier remarks reported here:
- BOC Macklem says expects to hike rates even further
- BoC Macklem - more: Inflation measures have stopped rising rapidly but not yet dropped
- CAD is barely responding to Bank of Canada Governor Macklem comments
More now.
Bank of Canada Senior Deputy Governor Carolyn Rogers
- Says what we're told by most commercial banks is many variable-rate mortgages have since been converted to fixed rate
Macklem:
- A 50 basis points hike is a bigger than normal step, it's a big step
- Macklem, talking about next rate move: maybe it's another bigger than normal step or maybe we can go down to more normal steps
- We don't want to minimize that there will be a difficult transition to go through to get to 2% inflation target
- It's been a long time since we had high inflation, and we're rediscovering that it corrodes the social fabric
- High inflation makes people angry, people feel ripped off, and that's one of the big problems with inflation
- If the CAD is weaker than we project we would have more work to do with interest rates
Bank of Canada Carolyn Rogers
