Governor of Bank of Canada says institution should take action to address inequality
The governor of the Bank of Canada has laid down an argument for the central bank’s actions during the pandemic, hours after the country’s opposition leader suggested the bank stay in its inflation-targeting lane.
Speaking to a conference of central banks, Tiff Macklem said creating an inclusive recovery was fundamental to the central bank’s role in helping to manage the economy. “This conversation in central banks has sparked a debate about whether central banks are expanding their mandates, whether we’re overreaching and getting distracted from our focus on inflation targeting, and even a criticism that we should stay in our lane,” he said Tuesday.Macklem made the comments to end the conference on diversity and inclusiveness organized jointly by the Bank of Canada, the U.S. Federal Reserve, the Bank of England and the European Central Bank.
The pandemic upended the central bank’s inflation framework, first by dropping inflation in 2020 to 0.7 per cent, and now sending the consumer price index to an 18-year high – the annual inflation rate was 4.4 per cent in September – amid supply-chain issues that Macklem has warned will push up inflation rates further, keeping them higher for longer.
“We’re really worried about our economic future,” O’Toole said after unveiling Pierre Poilievre, a frequent critic of the central bank, as his new finance critic.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What the U.S.-Canada border looks like on day land crossings reopenTravellers heading into the United States at major land border crossings experienced wait times of up to three hours in some areas on the first day in 20 months that fully vaccinated Canadians were allowed to cross for non-essential visits.
Read more »
The U.S.-Canada border reopens; and Canadian flags to stay raisedPolitics Insider for Nov. 8, 2021 from stphnmaher: Traffic resumes at the border; the Canadian flag returns to full-mast; inflation issues cdnpoli
Read more »
Posthaste: Why the 'Great Resignation' never really took off in CanadaData shows there was no Aha Moment for the tired and weary workforce — for the most part
Read more »
Indigenous Veterans Day: The soldiers who fought for CanadaNov. 8 is Indigenous Veterans Day and Cole Nolan, a local historian from Garden River First Nation in northern Ontario, shares stories of Indigenous soldiers who enlisted in First and Second World Wars despite facing prejudice at home.
Read more »