As Macklem mentioned, Trump making waves on the geopolitical scene and attacking the Fed's independence are two things that cannot be overlooked. And that is not only for the respective impact on their own, but also on the likes of markets with precious metals surging and the dollar tumbling. Besides the above, Macklem was also asked about whether risks are more tilted towards a rate cut or rate hike later in the year. However, he chose to play it safe in commenting that:"In order to comment on the balance, you need to be able to assign probabilities to the risks. And to be honest, I think we're finding that difficult."