BoC's Macklem: Will provide monetary stimulus for extended period to support recovery

Eren Sengezer FXStreet

Following the Bank of Canada's (BoC) decision to leave its policy rate unchanged at 0.25% as expected, Governor Tiff Macklem and Senior Deputy Governor Carolyn A. Wilkins are delivering their remarks on the monetary policy outlook.

Key quotes

"Bank will be there to provide monetary stimulus for an extended period to support the recovery and return inflation to its 2% target."

"As we are seeing in the United States, flare-ups of the virus can mean the reimposition of containment measures, impeding the recovery."

"It was clear to everyone on the bank's governing council that this is not a normal recession."

"It will take a long time for economic activity to get back even to the level where it was at the end of 2019 before the pandemic struck."

About Tiff Macklem via bankofcanada.ca

"Tiff Macklem was appointed Governor of the Bank of Canada, effective June 3, 2020, for a term of seven years. During the Global Financial Crisis, Mr. Macklem was Associate Deputy Minister at the Department of Finance, and served as Canada's representative at the G7, G20 and Financial Stability Board. In July 2010, Mr. Macklem returned to the Bank and was appointed Senior Deputy Governor."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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