The Bank of Canada has always kept the curtain closed on how it makes interest-rate decisions. That’s about to change.
The central bank will publish a “summary of deliberations” on Wednesday from its late-January meeting, at which policymakers opted to raise the overnight lending rate to 4.5 per cent and hold it there for a while.
But Wednesday’s release is also part of a broader effort to repair the central bank’s credibility, which was was dented by its failure to forecast the spike in inflation and by the resulting U-turn to tighter monetary policy. That has burned homeowners who believed him and took out large variable-rate mortgages to buy properties during the pandemic housing frenzy. Home prices began to drop as soon rates moved up, and ended last year down 13 per cent from the peak.Macklem has taken more heat from elected officials than any Canadian central bank chief in decades. On the right, opposition Conservatives claim the bank wandered outside of its mandate with its quantitative easing program at the start of the COVID pandemic.
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