Top Bank of Canada officials speak after rate decision

TORONTO (Reuters) – Below are some key quotes from a news conference by Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers on Wednesday after the central bank left its key interest rate on hold at a 15-year high of 4.50%.

Macklem on needing a period of weak growth

“I would remind you that we actually need a period of weak growth. We need growth to be weak to let supply catch up and relieve price pressures.”

Macklem on outlook for growth not changing very much

“I would say the high level message is that the outlook for growth has not changed very much. Growth came in a little bit weaker in the fourth quarter than we‘d expected. It looks like it’s going to be stronger in the first quarter than we expected in January. Were expecting pretty weak growth for the rest of the year, something a little less than 1%.”

Macklem on not forecasting a major contraction

“We‘re not forecasting a major contraction. We’re not forecasting large increases in unemployment.”

(Reporting by Fergal Smith, Anna Mehler Paperny, Molly Cone; Compiled by Fergal Smith; Editing by Josie Kao)