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.
OBJ360 (Sponsored)
Matching donations matters: How local companies help enable life-saving care for children in need
Self-storage company Access Storage is proud to support healthy communities where its employees work and live – and in the case of Ottawa, that means joining a host of other
A new signature event is set to grace the Ottawa business and philanthropic calendar this summer. CHEO Foundation and the prestigious The Royal Ottawa Golf Club are proud to announce
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.
