Canadian central bank governor Macklem explained that “reasonably good harvests” will reduce food inflation. Columnist Lorne Gunter says the bank governor 'needs to go.'
The day before Macklem’s statements on CBC Radio, Canadian columnist Lorne Gunter published an opinion editorial that insists the “Bank of Canada governor needs to go.”
Macklem told Global National anchor Dawna Friesen that he feels the pain ordinary Canadians are feeling with the country’s rising inflationary pressures. “I can tell you, I go to work every day, that’s my focus,” Macklem said to Friesen on Thursday. “Inflation is hurting Canadians. The best way to protect Canadians from high inflation is to eliminate it.”
“I am actually hopeful that at least food inflation, which is not quite the same thing as food prices, is going to come down because in Canada in a number of other countries there have been reasonably good harvests,” Macklem said during his CBC Radio. Meanwhile, the Bank of Canada’s current benchmark bank rate is 3.25%, after it increased the rate by 75 basis points on September 7. Macklem and the Canadian central bank have been following the U.S.
published by the Ottawa Sun, Canadian columnist Lorne Gunter said the current Bank of Canada governor “needs to go.”Gunter’s opinion piece criticizes the central bank for expanding Canada’s money supply and further highlights Canada’s 23rd prime minister, Justin Trudeau, and his government’s spending behavior. “According to Bank of Canada numbers,” Gunter’s op-ed says, “the money supply grew by more than 22% between the start of the pandemic and spring this year.
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