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Governor Tiff Macklem said on Dec 2 that upside risks to the Bank of Canada's inflation outlook have grown, citing the ongoing conflict and still-restricted shipping through the Strait of Hormuz, and warned that prolonged high crude prices and refining margins raise the risk of energy costs spilling into other sectors. The explicit line that the Bank is prepared to adjust monetary policy shifts the market read from a passive easing bias toward a live hawkish option, which should support front-end Canadian yields and CAD while trimming the global rate-cut premium embedded in risk assets. For crypto, the channel is indirect but real: a supply-driven inflation impulse that keeps developed-market policy rates higher for longer compresses BTC and ETH beta, so watch Brent and WTI levels plus refining margins as the confirmation trigger, and any Hormuz normalization as the counter-signal.
As a Macro signal, watch whether it changes price action, volatility, or flows around CL=F, BZ=F, BTC.
Original Source: 연합인포맥스
This page is market information analysis, not investment advice.
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