Bank of Canada senior deputy governor Carolyn Rogers says addressing supply problems could help ease inflationary pressures but such policies wouldn't substitute the need for higher interest rates.
Rogers andBank of Canada governor Tiff Macklem appeared before the Senate banking committee Tuesday evening and responded to questions from senators about the bank's monetary policy and the state of the economy.
"If we don't do enough, Canadians will continue to endure the hardship of high inflation," Macklem said. Rogers added that such policies, however, would be complementary to interest rate hikes and not substitutes.Last week, the central bank raised interest rates for the sixth consecutive time this year, raising its key interest rate by half a percentage point and indicating rates would have to rise further.
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