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WATCH LIVE: Macklem discusses inflation 'push and pull' in Ottawa testimony

WATCH LIVE: Macklem discusses inflation 'push and pull' in Ottawa testimony
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Macklem speech: Important not to give a false sense of precision regarding timing of a rate cut

Tiff Macklem, Governor of the Bank of Canada (BoC), and Senior Deputy Governor Carolyn Rogers explain the BoC decision to leave the interest rate unchanged at 5% after the January policy meeting and respond to questions from the press.

Bank of Canada to Hold, Downplay Pivot Talk: Decision Guide

Bank of Canada to Hold, Downplay Pivot Talk: Decision Guide
bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.

Bank of Canada to Hold, Downplay Pivot Talk: Decision Guide

Bank of Canada to Hold, Downplay Pivot Talk: Decision Guide
yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.

The Weekly Bottom Line: 'Higher for Longer' is the BoC's Winning Strategy

Looking ahead, the minutes from the Bank of Canada's policy discussions indicated an anticipated slowdown in exports, attributed to a decrease in global demand. But it was concerns of the disinflationary process stalling that remained the top concern for the Governing Council. Higher global oil prices, rising cost of rent and other housing-related costs, driven by demand-supply imbalances, have been the primary factors leading to the recent stalling in disinflationary dynamics. Moreover, despite the ongoing easing in the labour market, wage growth remains in a range that's higher than is needed to help push inflation down towards the BoC's target. This 'lack of downward momentum' was behind the difference in opinion on whether more hikes are needed.

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