The central bank on Wednesday reiterated its pledge to pause, conditional on economic developments evolving in line with its outlook From alicjawithaj
Read full articleBank of Canada Governor Tiff Macklem said at a press conference in January that pausing rate hikes was “conditional on economic developments coming out in line with our forecasts.
"Governing Council will continue to assess economic developments and the impact of past interest rate increases, and is prepared to increase the policy rate further if needed to return inflation to the 2 per cent target."While the most recent Labour Force Survey showed the Canadian job market remains strong, GDP growth has stalled and inflation has decelerated from its June 2022 highs, falling to 5.9 per cent in January.
"The will now be data dependent, and if the recent strong momentum persists, look for the tone to toughen in the coming weeks." On Tuesday, traders were pricing in 80 per cent change of another quarter percentage point hike at some point in 2023. That's due in part to a rebound in economic activity and a resurgence in inflationary pressures elsewhere, including the United States.
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