Policymakers have “no good choices” when trying to balance the fight against inflation and minimizing economic impacts on residents.
John Manley made the comments to BNN Bloomberg in an interview following the central bank’s latest rate hike of half a percentage point on Wednesday. The move brought the overnight lending rate to 4.25 per cent in the bank’s ongoing bid to bring inflation down to manageable levels, with a stated target of two per cent.
He said government economic stimulus coming at the same time will hinder the results of the bank’s policy approach. Manley argued that business confidence is “the best stimulus for any economy,” but that confidence is eroded in an unpredictable, high-inflation environment.
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