BoC's Macklem: Message to Canadians is that rates are going to be low for a long time

Following the Bank of Canada's 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 policy outlook in a press conference.

Key quotes

"There was a robust discussion about forward guidance in the governing council."

"QE bond purchases will shift toward 3, 5, 10, 15 and some 30-year bonds."

"We're going to get through this but it's going to be a long slog."

"Message to Canadians is that interest rates are going to be low for a long time."

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."