Bank of Canada governor Tiff Macklem says the central bank is preparing for a future that looks more uncertain and more prone to shocks.
Colin Cieszynski, chief market strategist of SIA Wealth Management, discusses how the Bank of Canada's decision to lower rates could influence market dynamics.
In a speech to the Greater Vancouver Board of Trade, he said Monday structural changes are underway in the world including demographic shifts, technological changes, decarbonization and a move away from globalization. The Bank of Canada is conducting a review of the policy actions it took to restore financial stability and support the economy during the pandemic that it plans to publish along with an assessment of an independent panel of experts.
“All of a sudden, people couldn’t afford the things they need to live. And while inflation is low once again, many prices are still a lot higher than they were before the pandemic. So people feel ripped off. And that erodes public trust in our economic system,” he said.
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