CAD Gov Council Member Gravelle Speaks
BOC Governing Council members are responsible for setting the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy;
Appointed Governing Council member Oct 2019;
- History
Expected Impact / Date | Description |
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Mar 21, 2024 | Due to speak about the normalization of the Bank of Canada’s balance sheet at the Chartered Financial Analysts Society, in Toronto; |
Dec 7, 2023 | Due to speak at the Windsor-Essex Regional Chamber of Commerce, in Ontario. Audience questions expected; |
Nov 14, 2023 | Due to participate in a panel discussion titled "Challenges for Financial Stability and Financial Regulation amid Heightened Uncertainty" at the Third High-Level Conference on Global Risk, Uncertainty, and Volatility, in Zurich; |
Mar 29, 2023 | Due to speak at the National Bank Annual Financial Services Conference, in Montreal; |
May 12, 2022 | Due to speak about commodity price shocks at the Association of Quebec Economists. Audience questions expected; |
Feb 2, 2022 | Due to participate in a panel discussion titled "Canadian Benchmark Reform – The Road Ahead" at the International Swaps and Derivatives Association Virtual Conference; |
Dec 9, 2021 | Due to speak about the Economic Progress Report at the Surrey Board of Trade, via satellite. Audience questions expected; |
Nov 3, 2021 | Due to participate in a panel discussion titled "Climate Risk Management" at the Toronto Centre COP26 Virtual Executive Panel; |
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- CAD Gov Council Member Gravelle Speaks News
- From bankofcanada.ca|Dec 7, 2023
Thank you for the warm welcome and thank you to the Windsor–Essex Regional Chamber of Commerce for having me today. It’s a real pleasure to be here. Yesterday the Bank of Canada announced that we will hold the policy interest rate at 5%. I will expand a bit on our discussion and the thinking behind our decision. Then I will dive into recent shifts in Canada’s population growth, focusing in on how newcomers contribute to our economy. Immigration is one of Canada’s greatest strengths. Our country is known as a welcoming place for newcomers. And Canadians are admired for how we help new arrivals succeed—both in our communities and in our workplaces.1 This is a reputation I feel that we should all aim to protect. Why? Because newcomers strengthen Canada’s labour force with their knowledge, skills and hard work. They play a crucial role in supporting the economy’s capacity to grow now and in the future. But there have been hiccups. Canada has long had housing supply challenges. The recent increase in newcomers has coincided with those material supply issues, raising questions about how chronic housing challenges might limit Canada’s future growth and what the implications are for inflation. These will be key elements of my speech today.What population growth means for the economy and inflation video We decided to hold the policy rate at 5%, largely because monetary policy has been working to cool the economy and relieve price pressures. But we are not yet where we want to be. Overall, the economy no longer seems to be in a state of excess demand, but we still need to see inflation come down further. We continue to keep an eye on inflation expectations, wage growth and the pricing behaviour of corporations to help us see if we are on a sustained path back to our 2% target. Canada has one of the fastest-growing populations among advanced economies, thanks largely to immigration. The number of permanent and non-permanent residents we’ve welcomed has risen sharply recently. This increase in newcomer arrivals is good for Canada, particularly given our aging population. Newcomers have added to our workforce and helped ease critical labour shortages. This has boosted Canada’s potential growth, which will help keep inflation lower in the future. Strong immigration since the start of 2022 has helped increase Canada’s workforce…. And the larger workforce has boosted the level of our potential output by 2% to 3% without adding to inflation. This is a significant improvement, especially considering Canada’s otherwise rapidly agin post: BoC's Gravelle: Economy Is Now Roughly In Balance But We Are Closely Watching Inflation Expectations, Wage Growth And Corporate Pricing Behaviour
- From scotiabank.com|Mar 29, 2023
The Bank of Canada delivered a useful speech about how it intends to manage its balance sheet and did so just one day after the Federal Budget. BoC observers should treat it as required reading (here). It helps to lay out the guideposts for targeted liquidity within the system, targeted bond holdings and hence support for the bond market, and with potential spillover effects into the debate over rate cuts. Deputy Governor Gravelle’s speech said two key things. First, the BoC is targeting a level of optimal reserves (or LVTS ...
- From bankofcanada.ca|Mar 29, 2023
Good afternoon. Thank you for inviting me to talk about some of the actions the Bank of Canada took at the outset of the COVID-19 pandemic to keep markets liquid and functioning. That’s what you’ve been promised, and it’s what I plan to do today. But I would be remiss in a speech about market liquidity if I didn’t speak first about recent turmoil in the banking system in the United States and overseas. So let me start with a few words from our perspective. In the United States, the collapse of Silicon Valley Bank and Signature Bank on the same weekend revealed how the combination of a large and concentrated uninsured depositor base and falling asset values can lead to bank runs. US authorities have responded by taking control of both banks and offering extraordinary support to their depositors. And the Federal Reserve stepped in with a new term funding facility for banks requiring liquidity support. Shortly thereafter, Credit Suisse came under severe market pressure, and the Swiss authorities facilitated its takeover by UBS, ensuring continuity of operations for Credit Suisse’s clients and financial counterparties. While these events introduced some degree of stress in the financial system, markets are functioning. Global banks are more resilient today than they were 15 years ago, at the outset of the global financial crisis. With the reforms put in place since then, global banks are required to have substantially increased their capital and liquidity buffers, making the system safer and better able to withstand stress. post at 12:39pm: BOC’S GRAVELLE: SUPPORT CANADIAN FINANCIAL SYSTEM IF MARKETS FACE SEVERE, WIDESPREAD STRESS ’ #BoC #Gravelle #Canada post at 12:39pm: BOC’S GRAVELLE: CANADA COULD STILL BE AFFECTED BY EVENTS ABROAD AS GLOBAL ECONOMY IS INTERCONNECTED ’ #BoC #Gravelle #Canada post at 12:37pm: BANK OF CANADA DEPUTY GOVERNOR GRAVELLE: CANADA’S FINANCIAL SYSTEM ‘WELL REGULATED AND SUPERVISED, WITH SOUND RISK MANAGEMENT’ #BoC #Gravelle #Canada post at 12:49pm: BOC’ GRAVELLE: IF FACED W/ANOTHER EXTREME EVENT THAT CAUSED SEVERE DYSFUNCTION IN GOC BOND MARKET, WE MAY RESORT TO LARGE-SCALE GOC BOND PURCHASES ’ #BoC #Gravelle #Canada
- From bankofcanada.ca|May 12, 2022
Good morning. It is a pleasure to be here—and a particular pleasure to be giving my very first in-person speech since I joined the Bank of Canada’s Governing Council. It’s so nice to see people without the fancy or blurred backgrounds we see in our virtual world. Kidding aside, it is wonderful to be here among friendly faces and fellow economists. I’d like to apologize in advance, as I can’t stay long after my speech. So let me jump into what I want to talk about today—the commodity price shock that has come with the pandemic and the war in Ukraine, and what it means for Canada. Commodity prices have had a pretty wild ride for the more than two years of the COVID-19 pandemic. Now, with the horrific war in Ukraine and the disruption it brings to the supply of many commodities, prices have shot up even more. I want to explain how this particular commodity price shock has a different impact on Canada’s economic growth than those that have come before. In my remarks today, I also want to talk about how the current inflation environment has a few parallels with that seen in the 1970s—but also some important differences. I will also go over the “perfect storm” of events driving inflation higher than we had previously projected. Finally, I want to talk about what our policy response might look like going forward. post at 11:35am: BOC'S GRAVELLE: BROADENING OF PRICE PRESSURES IS A BIG CONCERN BUT WE ARE NOT SEEING A REPEAT OF 1970S-STYLE STAGFLATION; INFLATION IS MUCH LOWER, ECONOMY IS RUNNING PRETTY HOT, JOB MARKET IS TIGHT #News #Forex #BOC #INFLATION post at 11:36am: BOC’S DEP. GOV. GRAVELLE: THE BANK OF CANADA WILL LIKELY FURTHER LIFT ITS NEAR-TERM INFLATION FORECASTS, GIVEN THE MARCH CPI WAS ABOVE THE BANK'S PROJECTIONS. post at 11:35am: BOC'S GRAVELLE: OTHER REASONS TO POTENTIALLY LIFT RATES ABOVE NEUTRAL COULD INCLUDE STRONGER HOUSING ACTIVITY #News #Forex #BOC
- From bankofcanada.ca|Feb 2, 2022
Good morning. Thank you for inviting me to introduce this panel discussion. And thanks to the International Swaps and Derivatives Association (ISDA) for hosting our event. I’m glad to be here alongside these exceptional panelists to talk about some important changes that may be coming to Canada’s interest rate benchmarks. In fact, interest rate benchmark reform is happening globally. Since 2013, the Financial Stability Board’s Official Sector Steering Group has been guiding efforts to establish a more solid foundation for financial ...
- From bankofcanada.ca|Dec 9, 2021
Our decision yesterday: We decided to maintain the policy interest rate at 0.25 percent. We also decided to maintain our commitment to hold the policy rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. The unique recovery has disrupted supply chains: Canada’s economy has made great progress since the pandemic began, thanks to high vaccination rates and a broad reopening. But this recovery is a highly unusual one, and a lot of uncertainty remains. Among ...
- From fxstreet.com|Mar 24, 2021
USD/CAD is currently trading close to its 21-day moving average around the 1.2575 mark amid thin volumes with North American market participants having left and with Asia Pacific flow yet to fully arrive. The pair went as high as 1.2609 on Wednesday, but its trip above the 1.2600 level was short-lived and the pair slipped back to spend the US session under the big figure and at one point reaching lows below the 1.2550 mark. USD/CAD closed Wednesday FX trade 0.15% lower or down about 20 pips. Driving the day: A strong recovery in ...
- From acy.com|Mar 23, 2021
Lockdown assets have seen a boost in the overnight trading action as market sentiment falters against the thoughts among investors about what a return to normal actually means for policy settings. US equities felt the weight of haven trades with investors turning to treasuries and the US Dollar. Both the S&P500 and the Russell 2000 underperformed with slumps in pricing. From the Federal Reserve, Chairman Jerome Powell and Treasury Secretary Janet Yellen made a joint appearance to talk on fiscal and monetary policy. Both played down ...
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