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Thursday, August 11, 2022

Tiff Macklem to make speech following Bank of Canada interest rate hike – National | Globalnews.ca

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Bank of Canada Governor Tiff Macklem will speak at a webinar hosted by the Federation of Canadian Independent Businesses on Thursday.

The speech came a day after the central bank raised its key interest rate by one percentage point, marking its biggest rate hike since 1998.

The rate hikes suggest the bank is moving faster to rein in soaring inflation, which hit a nearly 40-year high of 7.7% in May.

Read more:

‘A big shock’: Canadians feel squeezed by Central Bank of Canada rate hike

In a press conference on Wednesday, Macklem said a supercharged rate hike was needed to avoid having to take even bigger steps in the future and stressed the importance of restoring “low inflation, stable and predictable”.

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However, the Bank of Canada’s quicker approach to raising interest rates is also stoking fears of a recession, with RBC forecasting a mild recession next year.


Click to play video: 'Bank of Canada raises rates more than expected'



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Bank of Canada raises interest rates more than expected


Bank of Canada raises interest rates more than expected

Macklem is speaking via videoconference. His comments will be published online on Wednesday afternoon.

© 2022 Canadian Press

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Teja
Teja
I am passionate about journalism and using new technology to spread news. I am also interested in politics and economics, and I am always looking for ways to make a difference in the world. I am the CEO of Janaseva News, and I am 24 years old.

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