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Higher Interest Rates Are Working

Bank of Canada
Publication date:
February 7, 2023
Article Summary: 

In his speech to CFA Québec, Governor Tiff Macklem explains how the Bank of Canada's increases to the policy interest rate aim to cool the economy and bring inflation down. He outlines how monetary policy controls inflation by adjusting borrowing costs, thereby affecting demand for housing and goods. Macklem notes the impact of rate hikes on borrowing rates, spending, job market tightness, and inflation. He emphasizes the importance of assessing economic developments to determine the path forward, with a focus on achieving the 2% inflation target while acknowledging uncertainties and potential risks.


Bank of Canada, Tiff Macklem, monetary policy, policy interest rate, inflation, borrowing rates, economic impact, rate hikes, spending, job market, inflation target, uncertainty, risks.

Source Citation: 
Bank of Canada
Higher Interest Rates Are Working
February 7, 2023
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