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Opening statement before the Standing Senate Committee on Banking, Commerce and the Economy

· Tiff Macklem, Governor of the Bank of Canada (Canada)

Summary written by Dark Majestic in its own words · topics: inflation and price stability, growth, investment and productivity, labour markets and jobs

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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the Standing Senate Committee on Banking, Commerce and the Economy

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the Standing Senate Committee on Banking, Commerce and the Economy, Ottawa, Ontario, 1 May 2024.

Why it mattersMacklem tells senators that the conditions for cutting are getting closer but not yet met.

Problems raised
  1. Inflation remained above target.
  2. Demand and supply were unbalanced.
  3. Wages and pricing behaviour matter.
Solutions proposed
  1. Hold the rate at 5%.
  2. Watch demand-supply balance and expectations.
  3. Track wage growth and pricing.
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