OTTAWA — Bank of Canada Governor Tiff Macklem said on Tuesday that the current forecast is for positive but weak growth for the rest of the year, and therefore…
The bank raised interest rates eight consecutive times through January, bringing the overnight benchmark to 4.50%, as it battled inflation. It has since kept rates steady at two meetings, in part because Macklem has said the goal is to slow growth, but avoid a recession.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Macklem went on to say that the top risk to Canada’s growth scenario is a global recession. Macklem also said he expects prices to come down further, but reiterated the bank stands ready to raise rates again if necessary.
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