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BoC Governor Macklem says if energy prices stay higher for longer, there could well be a need to raise the policy rate - Post-meeting press conference

Governor Macklem's comments indicate a potential shift in the Bank of Canada's stance, especially regarding higher energy prices, which could prompt rate hikes if they persist.

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BoC Governor Macklem says if energy prices stay higher for longer, there could well be a need to raise the policy rate - Post-meeting press conference

US EIA Gasoline Stocks Change (Apr/24) -6.075M (exp. -2.2M, Prev. -3.437M)

US EIA Distillate Stocks Change (Apr/24) -4.494M (exp. -2.1M, Prev. -4.57M)

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  • AI not impacted policy decisions right now.
  • There is no set timeline for possibility of raising rates.
  • We have some slack in the economy, so we do not think higher energy prices will be quickly passed through to goods and services.
  • There is a risk that inflation expectations are not as well anchored as they were before COVID.
Context

However, he emphasizes that current economic slack may mitigate immediate inflationary pressures, and there's a notable concern about inflation expectations becoming less anchored. Traders should monitor the balance of these insights as they could signal adjustments to the rate path depending on energy markets and inflation dynamics.

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