The governor of the Bank of Canada is signalling Canada’s key interest rate could go up another half percentage point in June to help wrestle inflation under control.
Tick Macklem is appearing at the House of Commons standing committee on finance today.
Two weeks ago the central bank raised its key interest rate a half point to one per cent and warned more rate hikes would be coming as it works toward an inflation target of two per cent.
(Sponsored)
For the fifth year in a row, Ottawa will become the epicentre of Canadian culinary excellence in late January. Chefs from Ottawa, Vancouver, Edmonton, Calgary, Saskatoon, Winnipeg, Toronto, Montreal, Moncton
New dean of uOttawa’s Faculty of Engineering brings a history of entrepreneurship and innovation
Caroline Cao has been impressed by many aspects of uOttawa’s Faculty of Engineering since being appointed dean in August. But it was after the faculty’s recent Design Day – a
Macklem says the bank will be considering another oversized, half-percentage-point interest rate increase at its next rate decision in June.
Canada’s inflation rate hit a three-decade high of 6.7 per cent in March, well above what the central bank projected in its January monetary policy report.
Macklem says Russia’s invasion of Ukraine has driven up the cost of energy and other commodities, and is further disrupting global supply chains, but says there is also domestic pressure on prices.
