'Transitory but not short-lived': Macklem maintains BoC has inflation under control
BNN Bloomberg
Bank of Canada Governor Tiff Macklem wants to reassure Canadians his central bank is more than capable of bringing inflation back down to its target.
Bank of Canada Governor Tiff Macklem wants to reassure Canadians his central bank is more than capable of bringing inflation back down to its target.
“We are going to keep inflation under control,” said Macklem, in an interview on CTV’s Question Period Sunday. “We know what our job is.
“Our job is to make sure the increases we’re seeing in globally-traded prices today don’t turn into generalized and enduring inflation in Canada.”
Macklem said the central bank has the tools and will be adjusting them to bring inflation back down to its consumer price appreciation target of two per cent.
These comments come not long after the Bank of Canada brought an end to its quantitative easing program, while also moving up its timeline for a possible interest rate hike, hinting at April as a possible first post-pandemic increase to borrowing costs.
Macklem, in the bank’s update late October, also raised the central bank’s forecast for inflation to 3.4 per cent for both 2021 and 2022.
