BoC's Macklem: Border closures having very severe impact on hospitality industry

Following the Bank of Canada's (BoC) decision to leave its policy rate unchanged at 0.25% as expected, Governor Tiff Macklem and Senior Deputy Governor Carolyn A. Wilkins are delivering their remarks on the monetary policy outlook.

Key quotes

"If schools were not to reopen, that would probably put us on a track somewhat below the central scenario."

"Bank's target is for total CPI inflation, looking at adjusted CPI to guide on future of total CPI."

"Border closures are having a very severe impact on hospitality industry."

About Tiff Macklem via bankofcanada.ca

"Tiff Macklem was appointed Governor of the Bank of Canada, effective June 3, 2020, for a term of seven years. During the Global Financial Crisis, Mr. Macklem was Associate Deputy Minister at the Department of Finance, and served as Canada's representative at the G7, G20 and Financial Stability Board. In July 2010, Mr. Macklem returned to the Bank and was appointed Senior Deputy Governor."