Bank of Canada’s Senior Deputy Gov. Carolyn Rogers:
- We are not where we were in July, but we are a long way from where we need to be
- Bank has seen early signs monetary policy is working
- the bank still sees a path to a stop to soft landing, that’s still our objective
- neutral territory is a range, it’s an estimate, there is no magic formula
There has been a lot of central banks speak from the Swiss National Bank to the Federal Reserve to the ECB, and now additional comments from Bank of Canada. Overall, the currencies are somewhat muted in the response.
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This via the folks at eFX.
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Swiss National Bank President Thomas Jordan spoke at the Federal Reserve’s annual Jackson Hole symposium on Saturday.“Structural factors such as the transition to a greener economy, rising sovereign debt worldwide, the demographic transition and ultimately also the fact that globalization appears to have peaked — at least temporarily — could lead to persistently higher inflationary pressure in the coming years”
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On Saturday at the Jackson Hole symposium there will be speakers from the European Central Bank, Swiss National Bank and Bank of Korea.
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“We expect the SNB to hike by 50bp again in September and December to curtail underlying inflation pressures bringing the policy rate to 0.75%. With the SNB broadly following the ECB, we see relative rates as an inferior driver for the cross,” Danske notes.
SNB’s Jordan: Inflation will temporarily rise above target then fall quickly
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We take into account the higher inflation rates abroad when deciding monetary policy. We are ready to intervene in FX when necessary. Negative rates and currency interventions necessary for SNB to meet its mandate.
Martin Schlegel appointed to SNB
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