BoC Press Conference: Interest rate announcement

IRAQ SAYS IRAN GAS SUPPLIES COMPLETELY HALTED: INA

Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s monetary policy decision. Today, Governing Council maintained the policy interest rate at 2.25%. We’ve held the policy rate at this level since October. The Canadian economy continues to face heightened uncertainty related to US trade policy and geopolitical risks. Now the war in Iran has added a new layer of uncertainty. Its impact on the global and Canadian economies will depend on how long the conflict lasts and the extent to which it spreads across the Middle East. Inflation in Canada has been close to the 2% target for more than a year. But, as we’ve seen, the war in Iran is causing oil prices to move sharply higher and this will push up inflation in the short term. BANK OF CANADA WILL NOT ALLOW THE EFFECTS OF HIGH ENERGY PRICES TO BECOME PERSISTENT INFLATION - GOVERNOR TIFF MACKLEM BANK OF CANADA WILL NOT ALLOW THE EFFECTS OF HIGH ENERGY PRICES TO BECOME PERSISTENT INFLATION - GOVERNOR TIFF MACKLEM

The Bank of Canada today held its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The war in the Middle East has increased ...

BoC's Gov. Macklem: Iran war impact on Canada's economy depends on duration. BOC’S MACKLEM TO REPORTERS WHEN ASKED IF BANK’S UPSIDE/DOWNSIDE RISKS ARE EQUALLY BALANCED: UNCERTAINTY IS HIGH, WE’VE GOT SOME TIME, MAKES SENSE TO HOLD TODAY #Interestrates #Macklem BoC's Gov. Macklem: We don't think we are going to see rapid pass-through of higher energy prices.