The Bank of Canada governor continued to leave the door open to higher interest rates as he spoke for the first time since the report on January’s job blowout
Bank of Canada Governor Tiff Macklem, speaking for the first time since the report on January’s job blowout came out last week, said on Thursday that the economy remains overheated and continued to leave the door open to higher interest rates.
“The Canadian economy remains overheated and clearly in excess demand, and this continues to put upward pressure on many domestic prices,” Macklem said during testimony to the House of Commons finance committee. “The tightness in the labour market needs to ease, wage growth needs to moderate, and service price inflation needs to cool” or else more interest rate hikes will be needed, he added.hiked its key interest rate to 4.5 per cent, the highest level in 15 years, and became the first major central bank to say it would likely hold off on further increases for now.Canada added a massive 150,000 jobs in January, ten times expectations, data showed on last week.
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