The Canadian Labour Congress accused the central bank of breaching its agreement with Prime Minister Justin Trudeau’s government. Read more.
The Canadian Labour Congress, in a toughly worded statement issued Friday, accused the central bank of breaching its agreement with Prime Minister Justin Trudeau’s government. Language on achieving “maximum sustainable employment” was added to the bank’s inflation-targeting mandate when it was renewed at the end of last year.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
With the consumer price index at a four-decade high, the bank flagged the risk of a wage-price spiral that would prompt inflation expectations, wages and prices to ratchet upward at its July policy decision. Such a scenario would result in interest rates having to climb higher than they otherwise would.
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