BoC's Macklem: Factors pushing up inflation expected to be temporary

Bank of Canada (BoC) Governor Tiff Macklem is delivering his remarks following the bank's decision to leave the policy rate unchanged while lowering the weekly net purchases of Canadian government bonds to a target of C$2 billion from C$3 billion.

Key quotes

"Canadian economy has proven to be impressively resilient."

"Governing Council is increasingly confident that growth will rebound strongly as the economy once again reopens and this time growth will be more durable."

"As we reopen the economy, we expect to see some volatility."

"We will continue to pay close attention to the progress of the recovery and to the evolution of inflation."

"We expect the factors pushing up inflation to be temporary, but their persistence and magnitude are uncertain, and we will be watching them closely."