{"id":7811,"date":"2023-04-12T16:06:50","date_gmt":"2023-04-12T16:06:50","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/top-bank-of-canada\/"},"modified":"2023-04-12T16:12:30","modified_gmt":"2023-04-12T16:12:30","slug":"top-bank-of-canada","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/top-bank-of-canada\/","title":{"rendered":"Top Bank of Canada officials speak after rate decision"},"content":{"rendered":"<p>TORONTO (Reuters) -Below are some key quotes from a news conference by Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers on Wednesday after the central bank left its key interest rate on hold at a 15-year high of 4.50%.<\/p>\n<p>MACKLEM ON FEDERAL AND PROVINCIAL GOVERNMENT SPENDING PLANS<\/p>\n<p>&#8220;The way I would put it is that government spending plans are not contributing to the slowing of growth that you see in our projection, but at the same time, they&#8217;re not standing in the way of getting inflation back to the 2% target.&#8221;<\/p>\n<p>MACKLEM ON MARKET PRICING OF RATE CUT<\/p>\n<p>&#8220;What I can say about our deliberations is that based on the information we have today, the implied expectation in the market that we&#8217;re going to be cutting our policy rate later in the year, that doesn&#8217;t look today like the most likely scenario to us.&#8221;<\/p>\n<p>BOC&#8217;S MACKLEM ON PROJECTED WEAK GROWTH<\/p>\n<p>&#8220;We are seeing inflation come down even as the economy continues to grow. That is encouraging. But yes, we do expect growth to be weak. It&#8217;s expected to be weak through the rest of the year, pick up gradually over the course of next year.&#8221;<\/p>\n<p>MACKLEM ON POTENTIAL FOR NEGATIVE QUARTERS FOR GROWTH<\/p>\n<p>&#8220;We&#8217;re forecasting small positives. When you&#8217;re forecasting small positives you can&#8217;t rule out that there&#8217;s going to be a couple quarters of small negatives. We&#8217;re not forecasting a major contraction. We&#8217;re not forecasting large increases in unemployment and in that sense it&#8217;s not what people associate with the word &#8216;recession.'&#8221;<\/p>\n<p>MACKLEM ON NEEDING A PERIOD OF WEAK GROWTH<\/p>\n<p>&#8220;I would remind you that we actually need a period of weak growth. We need growth to be weak to let supply catch up and relieve price pressures.&#8221;<\/p>\n<p>MACKLEM ON OUTLOOK FOR GROWTH NOT CHANGING VERY MUCH<\/p>\n<p>&#8220;I would say the high level message is that the outlook for growth has not changed very much. Growth came in a little bit weaker in the fourth quarter than we&#8217;d expected. It looks like it&#8217;s going to be stronger in the first quarter than we expected in January. We&#8217;re expecting pretty weak growth for the rest of the year, something a little less than 1%.&#8221; <\/p>\n<p>MACKLEM ON NOT FORECASTING A MAJOR CONTRACTION<\/p>\n<p>&#8220;We&#8217;re not forecasting a major contraction. We&#8217;re not forecasting large increases in unemployment.&#8221;<\/p>\n<p> (Reporting by Fergal Smith, Anna Mehler Paperny, Molly ConeCompiled by Fergal Smith; Editing by Josie Kao)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/top-bank-of-canada\/bank-of-canada-governor-tiff-macklem-takes-part-in-an-2\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3B0MU-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3B0MU-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO (Reuters) -Below are some key quotes from a news conference by Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers on Wednesday after the central bank left its key interest rate on hold at a 15-year high of 4.50%. MACKLEM ON FEDERAL AND PROVINCIAL GOVERNMENT SPENDING PLANS &#8220;The way I would [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":7812,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-7811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3B0MU-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/7811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=7811"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/7811\/revisions"}],"predecessor-version":[{"id":7829,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/7811\/revisions\/7829"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/7812"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=7811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=7811"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=7811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}