BoC Governor Tiff Macklem told a Senate Committee yesterday that “economy recovery is making good progress”. But “a complete recovery will still take some time”. He reiterated that BoC “remains steadfast in its commitment to support Canadian households and businesses through the full length of the recovery”.
A “complete recovery” means a “healthy job market”, while companies are “investing to seize new business opportunities. Also, households and businesses can “count on inflation being sustainably at our 2 percent target”.
Macklem also reiterated: ‘Looking ahead, further adjustments to the pace of net purchases will be guided by our ongoing assessment of the strength and durability of the economic recovery. If the recovery evolves in line with or stronger than our latest projection, the economy won’t need as much QE stimulus over time.”
