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The full text of his opening statement is here

Summary of headlines from Lowe’s opening statement (via Reuters)

  • 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