Tiff Macklem: Bank of Canada governor to appear at Senate



Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers are anticipated to testify earlier than the Senate banking committee this night.

Last week, the central financial institution raised rates of interest for the sixth consecutive time this 12 months.

The Bank of Canada hiked its key rate of interest by half a share level on Wednesday and signalled rates of interest would have to rise additional to clamp down on decades-high inflation.

Canada’s annual inflation charge was 6.9 per cent in September however has been steadily declining since reaching its highest charge this 12 months of 8.1 per cent in June.

The Bank of Canada additionally launched its newest financial coverage report final week, which steered the Canadian economic system is headed for a major slowdown towards the tip of the 12 months and into the primary half of 2023.

Bank of Canada officers are usually known as in to testify following the discharge of the April and October financial coverage studies.

This report by The Canadian Press was first revealed Nov. 1, 2022.


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