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Fed's Kashkari: We've made a lot of progress on inflation
— FinancialJuice (@financialjuice) February 6, 2024FED'S KASHKARI: WE'VE MADE A LOT OF PROGRESS ON INFLATION.
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— FinancialJuice (@financialjuice) February 6, 2024FED''S KASHKARI: INFLATION HAS COME DOWN VERY QUICKLY, AND THE LABOR MARKET IS VERY STRONG, IT'S A CONUNDRUM.
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— FinancialJuice (@financialjuice) February 6, 2024FED'S KASHKARI: WE'RE NOT ALL THE WAY THERE YET ON INFLATION.
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— Cable FX Macro (@cablefxmacro) February 6, 2024*KASHKARI: DON'T WANT TO SAY WE'RE DONE YET BUT FINGERS CROSSED
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Good afternoon. It’s a great pleasure to be home and speaking before the Montreal Council on Foreign Relations. At first glance, my topic—monetary policy—may not seem suitably global. But central banks have been leading the global battle against inflation since the pandemic. And our shared resolve to restore price stability is being rewarded. Inflation has come down around the world. It has not been easy, and, in most countries, inflation is still too high. But inflation targets are now in sight, and the year ahead should bring further progress. In Canada, inflation peaked just above 8% in 2022—the highest inflation in a generation. By the end of 2023, it had declined to about 3½%. That is welcome progress in response to a forceful tightening of monetary policy. The Bank raised its policy interest rate 10 times in 17 months. That slowed demand, rebalanced the economy and is bringing inflation down. Monetary policy is working. That’s what I want to talk about today. Monetary policy works to control inflation—not perfectly, not quickly, and not without pain. But it works. History, including recent history, has shown us that. But history has also taught us that monetary policy cannot do everything. There are many economic forces—some good, some harmful—that affect inflation. Central bankers need to understand these forces. But we cannot address most of them directly. So I also want to discuss the limitations of monetary policy. Finally, I’ll say a few words on our monetary policy decision two weeks ago, and what we are looking for going forward.Monetary policy: It’s perfectly imperfect video The Bank of Canada began targeting an inflation rate of 2% in 1991. Since then, inflation has stayed at or near the target—despite several shocks to the economy. The bursting of the dot-com bubble in 2000, the terrorist attacks of September 11, 2001, the 2008–09 global financial crisis and the 2015 oil price shock all presented unique challenges for central bankers around the world. Monetary policy isn’t an exact science. With hindsight, we see that in some cases stimulus measures were withdrawn too quickly, or not quickly enough. Regardless, by raising and lowering policy interest rates, central banks pushed through these shocks, influenced demand and restored price stability. post: ? Bank of Canada Gov. Macklem: Housing Affordability "Significant Problem" in Canada ? BOC's Macklem: "Need to Avoid the Temptation" to Overload Rate Policy ? BOC's Macklem: Growth Expected to Remain Weak Until Mid-2024 ? BOC's Macklem: Path to 2% CPI "Likely to Be Slow,…
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post:
BOC'S GOV. MACKLEM: LOOKING AHEAD, NEUTRAL INTEREST RATE WILL PROBABLY BE A BIT HIGHER THAN THE 2% TO 3% RANGE.
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- Posted: Feb 6, 2024 1:20pm
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 2,229