BoC's Schembri: Mindful of impact BoC's interest rate path has on real economy

The shift in consumption patterns seen during the coronavirus pandemic could show some persistent effects, Bank of Canada (BOC) Deputy Governor Lawrence Schembri said on Tuesday.

"The Bank of Canada is mindful of impact its interest rate path has on the real economy," Schembri added. "The bank is looking at a number of alternative monetary policy frameworks and average inflation targeting is one of them. Over time, the 2% inflation target balances the costs and benefits."

Market reaction

The USD/CAD pair edged slightly lower in the last minutes and was last seen losing 0.17% on a daily basis at 1.3194.