The Liberal government is facing a tough fiscal position heading into the 2024 budget, according to new projections from the Parliamentary Budget Officer. Ottawa is simultaneously dealing with rising debt costs and a slowing economy, both of which are fuelled by decades-high interest rates from the Bank of Canada as it works to tame inflation. … Read more
Former Bank of Canada governor Mark Carney issued a warning at the World Economic Forum that global supply shocks are becoming more persistent, forcing central bankers to adapt to tame inflation. Carney, who also previously led the Bank of England, spoke on a panel in Davos, Switzerland at the WEF summit Thursday about how central … Read more
Bank of Canada governor Tiff Macklem reaffirmed the central bank’s independence on Thursday in response to politicians weighing in on the institution’s interest rate decisions over the past week. “I am confident that the Bank of Canada remains independent,” Macklem said to reporters in Calgary. “We have a clear mandate. Canadians expect us to control … Read more
Descrease article font size Increase article font size Doug Ford has become the second Canadian premier to formally express his displeasure with interest rate hikes, calling on the Bank of Canada to end the increases, which he says are “hurting people.” In a letter sent to the governor of the Bank of Canada on Sunday, … Read more