Category: Tiff Macklem

Bank of Canada Raises Key Interest Rate to 3.75 Percent, Downgrades Growth Forecast

October 26, 2022
Bank of CanadaBusiness & MarketsCanadaeconomyinflationMarketsrecessionTiff MacklemWorld
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OTTAWA—The Bank of Canada increased its key interest rate by 50 basis points (half a  percentage point) to 3.75 percent on October 26, maintaining that inflation is still too high. The BoC has now raised its overnight rate target by 3.5 percentage points since March and the October rate hike marks the sixth consecutive time…

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John Robson: Some Tough Questions on Inflation for Tiff Macklem

October 11, 2022
CanadaFriedrich A. HayekinflationJohn Maynard KeynesMilton FriedmanOpinionTiff MacklemViewpointsWorld
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Commentary According to Bank of Canada governor Tiff Macklem, inflation is bad. And while no sum is too great to pay for such insights (in this case somewhere north of a third of a mill, plus benefits), when he says “Look, inflation’s too high and frankly Canadians should be asking us some tough questions” I…

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Bank of Canada Ups Key Rate to 3.25 Percent and Into Restrictive Territory

September 7, 2022
Bank of CanadaBusiness & MarketsCanadaeconomyinflationTiff MacklemWorld
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OTTAWA—As widely expected, the Bank of Canada raised its key rate by 75 basis points (0.75 percent) to 3.25 percent on Sept. 7 to keep dampening demand to reduce inflation. This is the highest the central bank’s policy rate has been since April 2008 when it was 3.5 percent, just prior to the onset of…

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Bank of Canada Not Expecting a Recession as It Gets Much Tougher on Inflation

July 13, 2022
Bank of CanadaBusiness & MarketsCanadaeconomic policieseconomyinflationTiff MacklemWorld
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News Analysis OTTAWA—The Bank of Canada is trying to remove excess demand from the economy, and contrary to what some economists believe, it says it can achieve the “soft landing” of getting inflation back to its 2 percent target while avoiding an economic recession. Canada’s central bank upped its trendsetting interest rate by 100 basis…

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Bank of Canada Takes Toughest Tack Against Inflation in 2 Decades, Says More Rate Hikes Coming

April 13, 2022
Bank of CanadaBusiness & EconomyCanadaeconomic policiesTiff MacklemWorld
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News Analysis OTTAWA—With an outsized rate hike, the Bank of Canada sent a clear message on April 13 that it’s aiming to get inflation under control. Economists say they could see interest rates rising by at least another full percentage point by year-end, which poses its own risks and uncertainties for the economy.  In two…

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Bank of Canada Head Says It Is Unclear How Quickly Inflation Will Drop

February 3, 2022
bankBusiness & EconomyCanadaCompanieseconomyinflationTiff MacklemWorld
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OTTAWA—Bank of Canada Governor Tiff Macklem said on Wednesday there was uncertainty about how quickly inflation would come back down into the central bank’s comfort zone, due to the unique nature of the COVID-19 pandemic. Macklem, speaking to the Senate banking committee, also reiterated that interest rates need to rise to tackle inflation, which is…

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