Also: The race to find earthquake survivors in Turkey and Syria; Macklem reiterates rate hike pause
Bank of Canada Governor Tiff Macklem said that, reinforcing that the central bank has entered a new phase in its year-long battle with inflation.
The central bank has increased interest rates eight times since last March, bringing its benchmark lending rate to 4.5 per cent from 0.25 per cent in the fastest monetary policy tightening cycle in a generation. After delivering a quarter-point increase in late January, the bank announced a “conditional pause” to further rate hikes.
“If new evidence begins to accumulate that inflation is not declining in line with our forecast, we are prepared to raise our policy rate further,” Macklem told a Quebec City audience today, according to the English text of the speech. “But if new data are broadly in line with our forecast and inflation comes down as predicted, then we won’t need to raise rates further.
when the Lakers plays host to the Oklahoma City Thunder or Thursday in Los Angeles against the Milwaukee Bucks., as investors digested comments from Federal Reserve Chair Jerome Powell about how long the central bank may need to tame inflation. Bank of Canada Governor Tiff Macklem also spoke, saying that no further interest rate hikes will be needed in this country if, as expected, the economy stalls and inflation comes down.In New York, the Dow Jones industrial average was up 265.
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