Inflation hasn’t been under 2.0 per cent since February 2021. From January 2022 until February of this year, inflation was over 5.0 per cent
The governor would now have Canadians believe he is laser-focused on brining inflation down. After all, that’s his mandate. It’s not worrying about what damage his interest-rate hikes do to working Canadians’ standards of living or jobs.For more than two years, until early 2022, Macklem and his predecessor as governor, Stephen Poloz, reassured Canadians again and again and again that inflation and interest rates would never get out of control.
Macklem confessed to a House of Commons committee in April of 2022. “We got some things wrong.” Some things!? Seems to me the bank got wrong nearly everything that matters in fiscal and economic policy. When the government borrows hundreds of billions of dollars to fund a spending orgy, it competes with commercial and consumer borrowers for the same cash, thereby driving up interest rates.
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