The Macklem Effect: From 'Too Soon' to 'Stay Tuned' on Rate Cuts
On Friday, it was "too early" for Bank of Canada head Tiff Macklem to consider rate cuts.
Four days later, he's ready to consider considering them. Macklem told BNN he now thinks BoC cuts will happen "sometime in 2024."
As Macklem does his monetary moonwalk, the bond market is convinced he's not being forthright (which wouldn't be unusual for a central banker trying to suppress >3% inflation and inflation expectations).
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