OTTAWA — Bank of Canada Governor Tiff Macklem on Tuesday said no further interest rate rises would be needed if, as expected, the economy stalled and inflation…
“Inflation is turning the corner. Monetary policy is working,” Macklem said, adding that economic growth would be “close to zero” through the third quarter of this year.
Macklem told Bloomberg News the central bank needed time to gauge how households and businesses were adapting to higher interest rates before it made further moves, according to a Bloomberg report. Rate hikes had hit Canadian homeowners hard, Bloomberg quoted him as saying on Tuesday. The Canadian dollar was trading nearly unchanged at 1.3445 per U.S. dollar, or 74.38 U.S. cents, in choppy trading after the speech by Macklem and comments by Powell.Article content
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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