Bank of Canada governor called evidence that inflation eased in July a relief, but stopped well short of declaring victory. Read more
that the central bank had misjudged inflation pressures and pledged to act more forcefully in bringing cost pressures to heel.Article content
The pace of rate hikes is jarring to an economy that had gotten used to both low inflation and low interest rates. The challenging dynamic isn’t lost on Macklem. “We recognize that for many Canadians higher interest rates will add to the difficulties they are already facing with high inflation,” Macklem wrote. “But it’s by raising borrowing costs in the short term that we will bring inflation down for the long term,” he continued. “High inflation hurts us all. It eats away at our purchasing power and makes it difficult to plan our spending and saving decisions. It feels unfair and that erodes confidence in our economy.
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