MONTREAL — Public trust in the Bank of Canada has been dented by post-pandemic inflation, and it needs to be rebuilt, said governor Tiff Macklem.
"For many of our citizens, this has been their first experience with high inflation, and it has been painful," Macklem said during a panel discussion at the 2024 Conference of Montreal, alongside Deutsche Bundesbank president Joachim Nagel and BNP Paribas Canada CEO Sonja Volpe.Macklem said the Bank of Canada needs to find ways to explain its policies to a wide range of audiences, including families trying to navigate uncertain times.
He said the recent bout of inflation has made people feel cheated and angry as their paycheques don’t stretch as far as they did before.Last week, the central bank announced a quarter-point cut to its key interest rate, the first since a steep hiking cycle that began in March 2022 in an effort to curb inflation.
Macklem also said businesses and central banks need to be prepared for heightened volatility in supply chains amid climate change, geopolitical tensions and technological change.
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.
Bank of Canada needs to rebuild public trust after inflation, governor Tiff Macklem saysMacklem says the recent bout of inflation has made people feel cheated and angry as their paycheques don’t stretch as far as they did before
Read more »
Bank of Canada cuts key interest rate to 4.75%Bank of Canada Governor Tiff Macklem and Carolyn Rogers, Senior Deputy Governor hold a press conference at the Bank of Canada in Ottawa on Wednesday, March 6, 2024.
Read more »
National Bank of Canada agrees to buy Canadian Western BankShares of Canadian Western Bank (CWB.TO) are soaring after the National Bank of Canada agreed to buy it for about $5 billion CAD. Yahoo Finance's Julie Hyman...
Read more »
European Central Bank lowers rates after Bank of Canada cutInflation in the 20 countries that share the euro has fallen from more than 10 per cent in late 2022 to just above the ECB's two per cent target in recent months.
Read more »
Cutting interest rates was easy. But the Bank of Canada still has a credibility problemBank of Canada governor Tiff Macklem speaks to reporters during a news conference following the bank's key interest rate announcement in Ottawa on Wednesday, June 5, 2024. Macklem told CBC News in an interview that he worries about the bank losing credibility with Canadians.
Read more »
The wiggle room around 2% inflation targetsDid the European Central Bank and the Bank of Canada rashly jumped the gun?
Read more »