Tiff Macklem, Governor of the Bank of Canada (BoC), explains the BoC decision to leave the interest rate unchanged at 5% after the January policy meeting and responds to questions from the press.
Key quotes
"Focus was very much on holding rates steady."
"It's premature to discuss a rate cut."
"We need to see more progress before we discuss a possible rate cut."
"As regards the future of quantitative tightening, we'll take it one decision at a time."
"Certainly not there yet when it comes to ending QT."
"We're not forecasting a deep recession, we don't think we need one to get inflation back to target."
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