BoC policymaker Megan Greene pushed back against expectations for a December rate cut, saying this morning’s weaker labor data is not enough to change her stance.
Speaking at a conference in London, Greene—one of the five MPC members who voted to hold rates steady last week—argued that the labor market has likely moved past its sharpest adjustment phase.
She pointed to “higher-frequency data” showing early stabilization, adding that many companies still plan to lift wages substantially. Greene said it is “possible that the worst is behind us,” although she acknowledged that the latest 5.0% unemployment rate—the highest in four years—was “not great.”
