Evening Update: BoC’s Macklem spells out limits of monetary policy, says interest rates won’t solve housing affordability

News Snapshot:

Good evening, let’s start with today’s top stories: Bank of Canada Governor Tiff Macklem spelled out the limits of monetary policy in a speech today, saying that interest rates alone won’t solve housing affordability. With some exceptions, monetary policy has a good track record of controlling inflation, he said. But central bankers don’t have power over other key economic variables. “Housing supply has fallen short of housing demand for many years,” he said. “There are many reasons why – zoning restrictions, delays and uncertainties in the approval processes, and shortages of skilled workers. None of these are things monetary policy...