Macklem to appear before Senate banking committee Wednesday

Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers are set to testify before the Senate Committee on Banking, Commerce and the Economy on Wednesday afternoon in Ottawa.

The Senate appearance comes one week after the Bank of Canada held its key interest rate steady at five per cent.

It also comes days after another appearance in Ottawa where Macklem said “it would be helpful if monetary and fiscal policy was rowing in the same direction.”

In his Monday testimony before the House of Commons Finance Committee, Macklem said government spending is working against the central bank's efforts to bring inflation down, because spending is set to grow faster than supply in the economy over the next year.