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BRIEF-BOC's Macklem: There is clear reason to be more optimistic about the direction of the Economy over medium term, but we are not there yet

Published 2021-01-20, 11:07 a/m
Updated 2021-01-20, 11:12 a/m

Jan 20 (Reuters) -

* BANK OF CANADA GOVERNOR MACKLEM SAYS THERE IS A RISK THAT THE SEVERITY AND DURATION OF THE CONTAINMENT MEASURES COULD BE EXTENDED FURTHER, AND THE FIRST-QUARTER DECLINE COULD BE LARGER

* BOC'S MACKLEM: AS WE MOVE INTO Q2 2020 AND MORE CANADIANS ARE VACCINATED, WE EXPECT TO SEE SUSTAINED STRENGTH IN CONSUMPTION, WITH SERVICES PICKING UP FROM VERY DEPRESSED LEVELS

* BOC'S MACKLEM: THERE IS CLEAR REASON TO BE MORE OPTIMISTIC ABOUT THE DIRECTION OF THE ECONOMY OVER MEDIUM TERM, BUT WE ARE NOT THERE YET

* BOC'S MACKLEM: WE AGREED THAT IF ECONOMY TURNS OUT TO BE SUBSTANTIALLY WEAKER THAN WE ARE PROJECTING, LEADING TO MORE DISINFLATIONARY PRESSURES, THEN WE HAVE OPTIONS TO ADD EVEN MORE STIMULUS

* BOC'S MACKLEM: IT IS TOO EARLY TO CONSIDER SLOWING THE PACE OF OUR PURCHASES OF GOVERNMENT OF CANADA BONDS

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