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

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…