Bank of Canada governor Tiff Macklem laid out his goals for 2023. bankofcanada | Canada economy interestrates mortgagerates cdnpoli
5:05 PM Dec 12, 2022
Macklem said that rate increases have begun to work, but need more time to “feed through the economy.” On the part of the Bank of Canada, Macklem said that “with hindsight, the monetary and fiscal policy tools that were used to stabilize the economy worked effectively to support demand during the pandemic, but we underestimated the supply challenges.”
“All three lessons are linked, and we have taken them to heart,” Macklem said on Monday. “You don’t get 8% inflation because one thing went wrong. Our experience in 2022 is that surprises can combine and interact with each other, resulting in outsized effects on inflation. […] The lesson from 2022 is that even if long-term inflation expectations are well anchored, when the economy is in excess demand, businesses raise their prices more quickly and by more when their costs increase.
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