BoC's Macklem: Cannot rely on global developments to bring down inflation
|Bank of Canada (BoC) Governor Tiff Macklem responded to questions from the press following the bank's decision to raise the policy rate by 50 basis points to 3.75%.
Key takeaways
"We do expect rates will have to go up further, we will determine the pace depending on developments."
"We cannot rely on global developments to bring down inflation in Canada."
"We don't expect a severe economic contraction."
Market reaction
USD/CAD continues to trade in negative territory following the press conference and was last seen losing 0.35% on the day at 1.3560.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.