Taking a break to evaluate how the rate hikes are already working would not hurt. In fact, it might save us all some unnecessary pain. Opinion by Heather Scoffield
Anyone with sway over the Canadian economy these days is bracing for recession, be it big or small.
And all levels of government are sifting through their coffers to see how much of their inflation windfall they need to keep on hand to buoy people if tough times hit hard.He served notice this week that even though the economy shows signs of softening and inflation may be abating, he will raise rates again and again until prices stabilize.
Macklem acknowledges that some Canadians are feeling the pain already, but argues everyone will feel pain if he doesn’t move further to stop the rise in consumer prices.He’s aware of the many projections for a mild recession in Canada but insists there’s still “a relatively narrow path” to a soft landing., at just 5.2 per cent, is near a record low, and at last count there were close to a million jobs sitting empty.
Because Macklem was in Halifax when he delivered remarks on Thursday, he invoked the stoicism of Atlantic Canada, pointing out how its residents always rebuild and rebound after a storm, and are as dependable as the Bank of Canada.People in Atlantic Canada know full well that when a giant storm is heading their way, they board up the windows, bring in the lawn furniture, and stock up on flashlights and canned goods. They brace for impact.
And they’re ramping up their appeal to foreign investors, inviting them with subsidies and pitches to set down roots here and grow the economy.But that’s not the case with the Bank of Canada.
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