![]() I mean, still high, but it's going in the right direction. So he's indicated some degree of comfort with the direction inflation's going in, which is a good thing. ![]() So clearly they're trying to kind of do this balancing act between what's happening on the inflation side, which, as the governor indicated, it's coming in, reasonably in line with expectations. Was there anything that stood out to you or is there anything that it is trying to signal that maybe is a little different from last time? So not much of a surprise from that perspective.ĪL: I guess with these things, we're all sort of reading between the lines, reading the tea leaves of their statement. That's what we thought was going to happen. So that's what he'd indicated he was going to thing do a few meetings ago. So the governor confirmed that they were going to keep rates at 4.5% and that they were likely to keep those for an extended period of time. JFP: I think the big takeaway is that there isn't really that much new. Jean-François Perrault: Thanks for having me.ĪL: So what do you make of the announcement today? What is the big takeaway? Here’s Armina Ligaya.Īrmina Ligaya: Welcome back once again, JF. I’m Stephen Meurice, and this is Perspectives. As he always does when we hear from the Bank of Canada, JF will explain the thinking behind the decision, where he thinks the economy is headed in the months to come … and whether Canadians can expect to see lower interest rates anytime soon. This episode you’ll hear Armina Ligaya from our Perspectives Newsroom team speaking with Scotiabank’s Chief Economist, Jean-François Perrault. But Macklem made it pretty clear he’s prepared to raise interest rates again if inflation doesn’t keep getting lower. SM: So some good economic news… or, at least, not bad news. TM: We are encouraged that inflation is declining, and we are seized with the importance of staying the course and restoring price stability for Canadians. ![]() SM: That's Tiff Macklem, the Bank’s governor, at a press conferences Wednesday morning. ![]() Tiff Macklem: : Today, we maintained the policy rate at 4½%. Stephen Meurice: The Bank of Canada has made its latest interest rate announcement. (Spoiler alert: He says rates will eventually come down, but probably not this year.)ġ:03 - The big takeaway from the announcement todayġ:26 - What is the Bank of Canada trying to signal?Ģ:59 - What can we expect in the months ahead?Ĥ:38 - Is Macklem signalling that there won’t be rate cuts anytime soon?ħ:03 - If there is a recession, will it be a soft landing?ħ:54 - Where do we go from here in terms of inflation? Scotiabank Chief Economist Jean-François Perrault returns to the podcast to explain the Bank’s announcement, assess the current economic situation, and look ahead to what we can expect on the recession and interest rate fronts. But Governor Tiff Macklem made clear that the job of bringing inflation down to the target rate isn’t done yet, and warned he’s willing to raise interest rates again if necessary to get there. Inflation is gradually coming down, the economy is still growing modestly, the labour market is strong. We dissect the Bank of Canada’s decision to hold its key interest rate steady at 4.5%. ![]()
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