Bank of Canada Governor Tiff Macklem emphasized the importance of maintaining inflation around the two per cent target, stating it has been a "long journey" to reach the current rate. He highlighted that the central bank has made three consecutive interest rate cuts, suggesting that further reductions may be reasonable based on upcoming economic data. The focus now is to stabilize core inflation and monitor shelter price growth closely to maintain control in a potentially fluctuating economic landscape.
Macklem noted that the Bank of Canada has been proactive in managing interest rates, cutting them three times to their current level of 4.25 per cent. He reassured the public that ongoing evaluations of economic indicators will inform the pace and timing of any further rate cuts, indicating a cautious yet flexible approach. The governor aims to keep inflation within the established control band while addressing the potential impact of new economic factors, including the rise of AI.
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