Monetary policy is now the most critical public policy influencing Canada’s economy, writes Jack M. Mintz. Read on.
Awakening from its 2021 slumber, the Bank of Canada now seems determined to bring inflation down. It has clearly indicated it is willing to risk a recession if nothing less will bring inflationary expectations back to the two per cent target.
But inflation isn’t the whole story. Rising interest rates are beginning to cool the economy. In June house prices were down eight per cent from their peak. Stock and bond markets have declined by over 10 per cent since the start of 2022, a big concern for many retirees and soon-to-be retirees. Commodity prices, though still high, are softening. Rising energy prices and taxes are putting pressure on companies’ production costs.
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