- “Many sources of uncertainty surround the medium-term outlook”
- “Estimates of when the output gap will close are particularly uncertain”
- “The uncertainty around the output gap and inflation remains high” and “because of this, the estimated timing for when slack is absorbed is highly imprecise”
- “Uncertainty around the projection remains unusually high”
The Bottom Line: Fixed and variable rates were unchanged last week and remain range bound. That trend should continue over the near term, especially given the BoC’s reassurance last week that it will look through our current inflation run-up even if it lasts longer than originally expected.
July 22, 2021Mortgage |