BoC’s Macklem: A significant slowing of the economy will occur
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Bank of Canada (BoC) Governor Tiff Macklem responds to questions from the press following the bank’s decision to raise the policy rate by 50 basis points to 3.75%.
“A significant slowing of the economy will occur.”
“We are seeing clearer evidence economy is slowing.”
“Next time the bank raises rates, it could be another larger-than-normal hike, might be a normal-sized one.”
“It was appropriate to slow the pace of increase in our policy rates from very big steps to a big step.”
The loonie manages to stay resilient against the weakening dollar following these remarks and the USD/CAD pair was last seen losing 0.4% on the day at 1.3552.
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