Job and inflation numbers indicate a soft landing is within reach but policymakers should resist the temptation to relax restraint. Read on.
The central bank will revise its forecasts this week, but in October it projected inflation will average 4.1 per cent in 2023, a drop from 6.8 per cent last year.
It also happened in 1976, the year Trudeau père introduced wage and price controls to slow inflation that had risen to as high as 12 per cent. But those efforts were for naught. A more useful guide, we believe, for today took place 70 years ago, as the start of the Korean War in 1950 sent inflation shooting to as high as 13 per cent. Douglas Abbott, finance minister at the time under Prime Minister Louis St. Laurent, aggressively moved to rein in demand even as the economy began to slow. He imposed surtaxes on both companies and households, while the Bank of Canada used its influence with commercial banks to slow credit.
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