Economic news
Bank of Canada: Rates need to rise to fight inflation
2022.11.01 19:00
© Reuters. A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie
OTTAWA (Reuters) – The Bank of Canada still needs to hike interest rates further to fight stubbornly high inflation, Governor Tiff Macklem said on Tuesday, reiterating that “we are getting closer, but we are not there yet.”
In opening remarks to the Senate’s banking, trade and economy committee, he said the central bank was still far from the goal of low, stable and predictable inflation.
