Bank of Canada needs to rebuild public trust after inflation: governor Tiff Macklem

Public trust in the Bank of Canada has been dented by post-pandemic inflation and it needs to be rebuilt, governor Tiff Macklem said on Wednesday.

"For many of our citizens, this has been their first experience with high inflation, and it has been painful," Macklem said during a panel discussion at the 2024 Conference of Montreal, alongside Deutsche Bundesbank president Joachim Nagel and BNP Paribas Canada CEO Sonja Volpe.

"Inflation harms people and the economy, and it corrodes trust in our market-based system." 

Macklem said the Bank of Canada needs to find ways to explain its policies to a wide range of audiences, including families trying to navigate uncertain times.