BoC doesn't have to follow the U.S. central bank's aggressive strategy: Former U.S. Fed official
BNN Bloomberg
If the U.S. Federal Reserve continues with its aggressive hiking strategy, that doesn’t mean the Bank of Canada has to follow, according to Randal Quarles, former vice chair of the Fed.
“I think inevitably, given the connections between our economies, there will be sort of significant tracking (of interest rates),” said the chairman and co-founder of The Cynosure Group, in an interview Wednesday.
“But I don't think that the Fed’s moves should be targeted, and I'm pretty sure that Governor (Tiff) Macklem won't be targeting them. They’ll be looking at what's right for Canada.”
Quarles added that the U.S. Federal Reserve will continue to “do what’s necessary” to get inflation under control, and even a recession won’t stop its aggressive hiking strategy.
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