Macklem Q&A: Need more progress on inflation before discussing cutting rates

<ul><li>Asked if anyone wanted to cut, said the focus was 'very much on holding'</li><li>Repeats there was a 'clear consensus' to hold</li><li>Our latest forecasts have increased our confidence that we've raised rates enough</li><li>We're concerned about persistence in underlying inflation</li><li>It's premature to discuss reducing our policy rate</li><li>We need to see more progress on inflation before having a discussion about cutting rates</li><li>On QT, will take it one decision at a time; we're still 'some ways' from too tight</li><li>We're trying to balance the risks of too-high rates with too-low rates</li><li>We need to give monetary policy "a bit more time" to let it do its work</li></ul><p>Watch it live here:</p>

This article was written by Adam Button at www.forexlive.com.