Inflation may have been limited if COVID-19 stimulus was lifted earlier: Bank of Canada
Moving forward, Beaudry said the Bank of Canada is focused on clear communications with the public on its policy decisions to ensure Canadians don’t expect high inflation to persist for long.
Beaudry said the Bank of Canada believes people set their inflation expectations partly based on past inflation and partly on communication of central banks about where monetary policy is headed. The deputy governor said the bank is leaning into effective communication with the public on monetary policy to help alleviate some of the heightened concern about inflation persisting.“The bank is committed to keeping its communications during this difficult period clear, simple and focused on our inflation mandate,” he said, adding that the more effective the bank is with its communications, the more likely a recession can be avoided.
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