OTTAWA — Bank of Canada Governor Tiff Macklem on Tuesday said that no further rate hikes will be needed if, as expected, the economy stalls and inflation comes…
The central bank over the last 11 months has lifted rates at a record pace to 4.5% to tame inflation, which was 6.3% in December, still well above the bank’s 2% target. Last month, it said it would hold off on further moves to let the effects of past increases sink in.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The Federal Reserve last week said it had turned a key corner in the fight against high inflation, but that “victory” would still require higher rates. Federal Reserve Chair Jerome Powell on Tuesday said it would take “quite a bit of time” to bring U.S. inflation back to the 2% target.Article content
The Canadian dollar was trading nearly unchanged at 1.3445 per greenback, or 74.38 U.S. cents, in choppy trading after the speech by Macklem and comments by Powell. When asked by reporters about the survey, Macklem reiterated that it was “really far too early to be thinking about cutting rates. … We are pausing interest rate hikes to assess whether we’ve raised interest rates enough.”
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