Bank of Canada head ‘encouraged’ by Ottawa’s efforts to diversify economy
Macklem said fiscal policy is better suited to cut trade barriers and draw foreign investment as the Bank of Canada held rates steady for a fourth time.
- Governor Tiff Macklem held the benchmark interest rate steady at 2.25 per cent on Wednesday, marking the fourth consecutive decision by the Bank to maintain rates.
- Inflation stood at 2.4 per cent in March as global oil price shocks hit gas pumps and food costs remained elevated across Canada.
- Macklem identified overreliance on the United States and underdeveloped east-west trade corridors as long-standing vulnerabilities holding back business investment and productivity growth in Canada.
- Prime Minister Mark Carney, who served as Governor for five years, has pushed to knock down trade barriers, providing what Macklem calls "renewed momentum" to address these issues.
- The Bank forecasts inflation will peak around three per cent in April before cooling to its two per cent target in early 2027, assuming global oil prices ease.
25 Articles
25 Articles
Bank of Canada Governor Tiff Macklem said he was "encouraged" by Ottawa's efforts to diversify the economy.
Bank of Canada Governor Tiff Macklem said he was "encouraged" by the federal government's efforts to diversify the economy and protect it from the increasingly frequent shocks to world trade.
The Toronto Star
Bank of Canada head ‘encouraged’ by Ottawa’s efforts to diversify economy
OTTAWA - Bank of Canada governor Tiff Macklem says he's "encouraged" by the federal government's efforts to diversify the economy and protect it against increasingly common shocks to global trade.
Winnipeg Free Press
Bank of Canada head 'encouraged' by Ottawa's efforts to diversify economy
Breaking News, Sports, Manitoba, Canada
Bank of Canada head 'encouraged' by Ottawa's efforts to diversify economy
Bank of Canada governor Tiff Macklem says he’s “encouraged” by the federal government’s efforts to diversify the economy and protect it against increasingly common shocks to global trade. He also says Ottawa’s fiscal update, tabled earlier this week, will likely have little impact on the central bank’s forecasts for inflation. Macklem made the comments in an interview with The Canadian Press on Wednesday after the Bank of Canada held its benchma…
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