Macklem says he doesn't think the federal budget will have much of an impact on inflation

Bank of Canada governor Tiff Macklem said he doesn't think the federal budget tabled last month will have much of an effect on inflation.

Macklem was testifying at a Senate committee alongside senior deputy governor Carolyn Rogers on Wednesday following the central bank's latest interest rate announcement.

The governor said the spending plan hasn't changed the federal government's fiscal track by much, since it's offset by higher revenues.

"Since the government's net fiscal plan hasn't changed a lot, I don't think it'll have a big effect on our projections for the economy or inflation," Macklem said in French.