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BoC Beaudry: Interest rate may need to go above 3%

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BoC Deputy Governor Paul Beaudry said in a speech, “we noted that price pressures are broadening and inflation is much higher than we expected and likely to go higher still before easing.”

“This raises the likelihood that we may need to raise the policy rate to the top end or above the neutral range to bring demand and supply into balance and keep inflation expectations well anchored,” he added.

Beaudry also indicated that the neutral range, a rate that “neither stimulates nor weighs on growth”, is estimated to be “between 2% and 3%”

Full speech here.

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