BoC’s Macklem: Need time to gauge how households, businesses adapting to higher rates before further moves

More comments are flowing in from the Bank of Canada (BoC) Governor Tiff Macklem, as he continues to speak on the monetary policy outlook.

“Flags debt load in explaining early rate pause.”

“Rate hikes have hit homeowners hard.”

“Central bank needs time to gauge how households, businesses adapting to higher rates before it makes further moves.”

“Real estate market will probably soften further before it stabilizes later this year.”

On the duration of rate pause says “we can’t put it on a calendar. We don’t know how long it’s going be.”

Market reaction

USD/CAD was last seen trading at 1.3400, modestly flat on the day, maintaining its range play so far this Wednesday.