‘We will come out of this,’ Tiff Macklem pledges as central bank signals more rate hikes to come
In much the same way that Canadian households were forced to adjust on the fly to high and escalating prices, Canada’s job market and overall economy will see some painful changes in the coming months as Canada’s central bank steps up its fight to wrestle inflation into submission.
That was one of the main takeaways of a wide-ranging interview with Bank of Canada Governor Tiff Macklem on Thursday, one in which the central banker said he understands the pain that Canadians are feeling about their finances right now. But he is more resolved than ever that the bank’s actions to establish price stability will be worth it in the long run.
