Tiff Macklem: Release of the Monetary Policy Report
What changed vs prior statement
- 01No material change in policy stance vs prior statement.
- 02Language essentially preserved across key paragraphs regarding global imbalances.
- 03Vote split: No vote-record change.
From the original
Opening statement by Mr Tiff Macklem, Governor of the Bank of Canada and Ms Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 15 July 2026.
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The desk anticipates a cautious approach from the Bank of Canada following Tiff Macklem's recent remarks, suggesting that while inflation remains a concern, the central bank is unlikely to make aggressive rate hikes in the near term. Per the full note [source], Macklem emphasized the importance of data-driven decisions, particularly in light of upcoming economic indicators. With inflation data due on May 19 and GDP growth figures on May 29, these releases will be critical in shaping the Bank's future policy stance. Our analysis suggests that the CAD may face headwinds if the data falls short of expectations, reinforcing the cautious tone from the BoC.