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The full text of his opening statement is here
Summary of headlines from Lowe’s opening statement (via Reuters)
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report estimating that GDP grew by around 5% in 2021 and expect GDP growth of around 4¼% in 2022 and 2% in 2023
- says recovery in business investment is also underway
- the board is willing to be patient
- macroeconomic policies support growth
- we have the ability to wait and see how the data evolves and how some of the uncertainties are resolved
- I recognize that there is a risk in waiting but there is also a risk in moving too soon
- forward-looking indicators suggest further employment growth over the coming months
- leaving too early could jeopardize employment goal
- the main source of uncertainty on the outlook remains the Covid-19
- the stronger the economy and the greater the upward pressure on prices and wages, the more favorable the rise in interest rates will be
- the sharp acceleration of inflation in certain parts of the world, in particular in the united States, has surprised and constitutes an additional source of uncertainty
- too early to conclude that inflation is permanently in the target range
- we expect core inflation to rise further
- further acceleration in overall wage growth is expected
- it is quite possible that countries with higher inflation rates will need a larger interest rate adjustment than currently expected