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Tiff Macklem: speeches

71 speeches by Tiff Macklem listed between 2 February 2022 and 28 October 2026. Roles covered: Governor of the Bank of Canada (since 3 June 2020). Most frequent topics: inflation and price stability, monetary policy and interest rates, trade, fragmentation and geopolitics.

Last updated 10 November 2026 · newest first

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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening remarks at the press conference releasing the Monetary Policy Report, with the Senior Deputy Governor; the Bank of Canada protects the value of money, and its main challenge is energy-driven inflation.

Why it mattersIt accompanies the Bank of Canada's first rate increase since July 2023 and explains how energy prices and tariffs shaped that decision.

Problems raised
  1. Higher and persistent energy prices raise the risk of broader inflation.
  2. New United States tariffs create uncertainty and are expected to slow growth in the fourth quarter.
  3. Near-term inflation expectations have climbed even though longer-term ones remain anchored.
Solutions proposed
  1. Raise the policy rate by 25 basis points to 2.5% to limit spillover from energy costs.
  2. Move carefully, since further increases may be needed but the outlook is uncertain.
  3. Watch core inflation and the pass-through of energy prices to decide the next steps.
Read the speech summary

1. The decision

The Bank of Canada lifted its policy rate by a quarter point to 2.5%, its first increase since mid-2023. Two things changed since July: the inflation outlook worsened as the Middle East war keeps oil prices high, and the growth outlook improved slightly despite continuing US trade measures.

2. Economy and projections

Output expanded by 3.3% during the spring quarter, helped by consumers, energy and equipment investment, and resilient exports. Growth should dip at year end on new US tariffs, then recover to roughly 2% in 2027 and 2028 after 1% this year. Unemployment sits near 6.5% with some slack. Inflation hovers around 3%, may reach 3.5% by December, and returns near the 2% goal around mid-2028. Short-term expectations have risen; longer-term ones are anchored.

3. Why raise rather than hold

Holding was defended because inflation excluding gasoline is 2.2% and core measures are near 2%. Raising won because fuel costs stay high, firms are expected to pass on more costs, and recovery removes the cushion that would offset them. Council will decide meeting by meeting and may tighten again, carefully.

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· Tiff Macklem Wiki · Bank of Canada WikiNavigating uncertainty and adapting to change

ContextSpeech by the Governor of the Bank of Canada to a business audience invited by the Halifax Partnership in Halifax, Nova Scotia.

Why it mattersThe Bank of Canada Governor explains how US tariffs and the Middle East conflict pull growth and inflation in opposite directions, and what that means for the policy rate.

Problems raised
  1. US tariffs and trade tensions weigh on Canadian exporters.
  2. The Middle East conflict raises the risk of broader, persistent inflation.
  3. Growth prospects are uncertain while inflation risks point upward.
Solutions proposed
  1. Keep inflation anchored on the 2% target.
  2. Reassess whether the policy rate balances growth and inflation risks.
  3. Raise rates only if inflation pressures prove persistent.
Read the speech summary

1. From shock to adaptation

In Halifax, Bank of Canada Governor Tiff Macklem returned to the structural forces he described in February: trade conflict with the United States, artificial intelligence and ageing. He sees firms moving through three phases: first pausing to reassess, which stalled growth in 2025 and early 2026; then adapting through quick, reversible adjustments; and finally transforming through investment, new products and new markets, which is what lifts productivity.

2. Signs that firms are adjusting

Non-energy exports jumped 14.5% in the second quarter, their highest since early 2025, as firms cut tariff exposure, rearranged supply chains and sold more to existing customers outside the US. Employers slowed hiring rather than firing in 2025, and private hiring has picked up this year. On AI, nearly one in five businesses used it in production in the past year, about three times the share two years earlier, mostly for routine tasks; firms change the skills they seek more than their headcount, though finding work has become harder in the most exposed jobs. Labour-force growth will be close to zero because of ageing. Business investment rose at an 8.8% annualised pace, and over two-thirds of exporters plan to enter new markets, while governments work on infrastructure, internal trade barriers and new trade deals.

3. Two new threats

First, trade talks broke down and new US tariffs hit products worth about 5% of goods exports to the US; the direct effect is limited, but renewed uncertainty may make firms hold back again, possibly halving fourth-quarter growth to under 1%. Second, the Middle East conflict has lasted longer than expected. Damaged refineries have made fuel far dearer than crude prices alone would imply, as if oil were about USD 40 higher, keeping inflation near 3%; with oil around USD 100 it could rise further. Canadian counter-tariffs should add little to prices. Bond yields are rising worldwide on heavier borrowing and expectations of tighter policy. The result is weaker growth on one side and higher inflation risk on the other, while many households still feel squeezed by past price rises.

4. The Bank's approach

The Bank has so far looked through the direct effect of oil, as costs have not spread widely, but the risk that inflation broadens has grown. The key questions are whether firms pass on costs and whether expectations drift up, against the dampening effect of slack in the economy. Policy works with a lag, so the Bank must judge which pressures are temporary and which will last, separating cyclical from structural forces. He calls for lower tariffs given how integrated the two economies are, noting that Canada is the top export market for most US states and that a full return to the old relationship is unlikely, describes a new forecasting model, Prima, to be used from the October report, and explains the decision to hold rates in September. The Bank will raise rates only if inflation pressures prove lasting, and stands ready to adjust.

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· Tiff Macklem Wiki · Bank of Canada WikiMonetary Policy Decision

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 2 September 2026.

Why it mattersThe Bank of Canada's explanation of its September decision, with new US tariffs and high energy prices as the two main risks.

Problems raised
  1. New US tariffs threaten Canada's economic rebound.
  2. The Middle East conflict keeps energy prices high for longer.
  3. High oil prices could turn into persistent inflation.
Solutions proposed
  1. Monitor whether the economic rebound is sustainable.
  2. Watch the inflation outlook closely, especially energy spillovers.
  3. Stand ready to adjust monetary policy as needed.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 15 July 2026.

Why it mattersExplains how the Bank of Canada separates one-off oil effects from lasting inflation.

Problems raised
  1. Canada's growth stalled under tariffs and uncertainty.
  2. High oil prices could spread to other prices.
  3. Inflation could get stuck above 2%.
Solutions proposed
  1. Hold the policy rate at 2.25%.
  2. Look through direct oil effects but block persistent inflation.
  3. Watch the Middle East and US trade risks closely.
Read the speech summary

1. Rates on hold, growth resuming

Presenting the Monetary Policy Report, Bank of Canada Governor Tiff Macklem said Governing Council held the policy rate at 2.25%. Growth, flat over the past year amid tariffs and uncertainty, appears to be resuming: second-quarter GDP is estimated at 2.5% annualised, consumers are resilient, housing is steadying, exports are recovering and business investment is rising, led by oil and gas. Unemployment sits between 6.5% and 7%, and growth is projected at 0.7% in 2026 and 1.8% a year in 2027 and 2028.

2. Inflation and risks

Consumer price inflation reached 3.2% in May on gasoline prices tied to the Middle East conflict, but excluding gasoline it was 2.2% and core measures stay near 2%, with no broad spillover so far. Inflation should come back to its 2% goal early next year if oil settles around 70-75 dollars, though futures have risen since the forecast was finalised. The main risks are the Middle East conflict, US trade relations, inflation getting stuck above target, or a stalled recovery; the bank will not let oil become persistent inflation and stays ready to adjust.

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· Tiff Macklem Wiki · Bank of Canada WikiGlobal imbalances, growth and stability

ContextSpeech by the Governor of the Bank of Canada in Paris to Paris Europlace and the France-Canada Chamber of Commerce, weeks after a G7 finance meeting there.

Why it mattersSpoken in Paris, the Bank of Canada Governor names what China, the US and Europe should each change to reduce global imbalances.

Problems raised
  1. Global imbalances are growing again.
  2. Non-bank financial firms play a larger, less visible role.
  3. Support for open trade weakens when imbalances rise.
Solutions proposed
  1. China should consume more, the US save more, Europe invest more.
  2. Adjust early before pressures build up.
  3. Cooperate on financial risks and keep trade and investment open.
Read the speech summary

1. Imbalances and capital flows

Speaking in Paris, Bank of Canada Governor Tiff Macklem welcomed the US-Iran agreement and the easing of energy prices, then turned to the widening of global imbalances discussed by G7 finance chiefs. Trade deficits and surpluses are normal, but when too large and one-sided for too long they spill over through trade, exchange rates and asset prices, and strain relations between countries. China's reliance on investment and exports has created overcapacity and deflationary hyper-competition and sparked tariffs. His message: look at imbalances through capital flows and international investment, and avoid overextending the monetary and financial system, adapting before a crisis forces change.

2. Lessons from history

The gold standard forced adjustment through wages and prices and could not survive the strains of war; interwar tariffs and retaliation deepened the 1930s collapse; Bretton Woods ended in 1971 when domestic priorities overwhelmed the external anchor. The lessons are that excessive imbalances create tension, that when domestic goals override international rules the rules give way, and that shifting costs onto others with tariffs or devaluation fails. The 2008-09 crisis showed how fast stress travels through interlinked finance. Adjustment delayed eventually becomes adjustment imposed.

3. Today's landscape

Imbalances reflect domestic ones: Chinese and European savings exceed investment, so capital flows to the US, whose strong consumption and fiscal deficits leave a historically large negative net investment position. The dollar's reserve role may have let imbalances persist and one-way flows fuel bubbles, possibly now in the AI boom. Meanwhile risk has migrated from better-regulated banks to non-bank intermediaries: hedge funds now buy much sovereign debt using leverage and short-term funding, and dollar stablecoins let flows reverse faster, beyond authorities' sight. The two risks are misallocated inflows stretching valuations, and a sudden reversal.

4. Three priorities

Reducing imbalances means China consuming more, the US saving more and Europe investing more, ideally in a coordinated way, with signs of progress in China's plan, Europe's integration and US deficit ambitions. He urged openness, with Canada and the EU deepening trade ties; investability, creating more safe assets, fast payments infrastructure and attractive investment outside the US through strong institutions, open capital accounts and removal of barriers such as Canada's interprovincial ones; and transparency, with better data on non-banks, foreign exchange and cross-border flows, stress tests reflecting today's speed, and closer work by the IMF, FSB and BIS. Support for openness weakens when imbalances grow or openness is seen as a weakness, but history shows protectionism costs efficiency and fragments markets. Markets cannot price what they cannot see, and while firms manage their own risks, systemic risks can build beyond any single firm's view. Resilience, he concluded, is a choice that does not happen by good intentions alone but by reinforcing systems so they do not break under stress, with responsibility shared between public and private, domestic and international actors.

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· Tiff Macklem Wiki · Bank of Canada WikiMonetary Policy Decision

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 10 June 2026.

Why it mattersThe Bank of Canada's June decision, explaining why it chose to look through the war's first effect on prices.

Problems raised
  1. The Middle East conflict slows activity and raises inflation worldwide.
  2. Canadian housing and business investment are weak.
  3. High energy prices could turn into persistent inflation.
Solutions proposed
  1. Hold the policy rate at 2.25%.
  2. Look through the war's near-term impact on inflation.
  3. Stop high energy prices from becoming broad-based inflation.
Read the speech summary

1. Rates on hold amid a stagflation dilemma

Presenting the 10 June decision, Bank of Canada Governor Tiff Macklem said the policy rate stayed at 2.25% as the Middle East conflict, higher energy prices and supply disruptions weigh on global growth and lift inflation, while US tariff uncertainty continues. Canadian GDP fell 0.1% in the first quarter, with consumer spending up 1.4% but government spending, housing and business investment weak; unemployment dropped to 6.6% but employment is little changed this year, and growth should resume in the second quarter while the economy stays in excess supply. CPI inflation rose to 2.8% in April on energy and the carbon-tax base effect, with no broad pass-through yet and core measures near 2%.

2. Risks and policy options

Oil is about ten dollars a barrel above the bank's assumption, so inflation should hover near 3% before easing toward 2%. Weak growth with rising inflation is a dilemma: raising rates could further slow the economy, easing risks entrenching inflation, so holding balances the risks. The bank will disregard the war's short-run impact but not let high energy prices become persistent inflation. If the US imposes major new trade restrictions, further cuts may be needed; if energy prices spread into generalised inflation, consecutive increases could follow. Structural shifts in trade, AI adoption and demographics complicate assessment.

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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 29 April 2026.

Why it mattersStates explicitly the conditions under which the Bank of Canada would consider lowering rates.

Problems raised
  1. US tariffs weigh on exports and investment.
  2. Higher gasoline and food prices lift near-term expectations.
  3. High oil prices could become generalised inflation.
Solutions proposed
  1. Hold the policy rate at 2.25%.
  2. Cut rates if new US trade restrictions hit growth.
  3. Prevent energy prices from turning into persistent inflation.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 18 March 2026.

Why it mattersThe Bank of Canada's March decision, the first after the Middle East war broke out, explaining why it looked through the immediate price impact.

Problems raised
  1. US trade policy and geopolitics create uncertainty.
  2. The economy is in excess supply and grows slowly.
  3. The Middle East conflict widens possible outcomes.
Solutions proposed
  1. Hold the policy rate at 2.25%.
  2. Look through the war's immediate impact on inflation.
  3. Prevent high energy prices from becoming persistent inflation.
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· Tiff Macklem Wiki · Bank of Canada WikiNew players, old risks - financial stability in a changing landscape

ContextRemarks by the Governor of the Bank of Canada at the Global Risk Institute in Toronto, followed by a fireside chat.

Why it mattersThe Bank of Canada Governor flags hedge funds in government bond markets and private credit as channels for financial stress.

Problems raised
  1. The Iran conflict raises energy and financial market volatility.
  2. Hedge funds in sovereign debt can amplify stress.
  3. Stress in private credit could reach the core of the system.
Solutions proposed
  1. Strengthen repo market infrastructure.
  2. Make sure markets keep working under stress.
  3. Monitor links between private credit and banks.
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· Tiff Macklem Wiki · Bank of Canada WikiGood money and your central bank

ContextYear-end speech by the Governor of the Bank of Canada to the Chamber of Commerce of Metropolitan Montreal.

Why it mattersThe Bank of Canada Governor announces a 2026 review of how it uses flexible inflation targeting.

Problems raised
  1. AI, climate, trade and geopolitics make economies more shock-prone.
  2. US tariffs hit steel, aluminium, autos and lumber.
  3. Uncertainty weighs on investment.
Solutions proposed
  1. Review how flexible inflation targeting is used.
  2. Renew the monetary policy framework in 2026.
  3. Keep inflation low and stable in a shock-prone world.
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· Tiff Macklem Wiki · Bank of Canada WikiMonetary Policy Decision

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 10 December 2025.

Why it mattersThe Bank of Canada's December decision, holding rates as tariffs hit key Canadian industries.

Problems raised
  1. US tariffs hurt key Canadian sectors.
  2. Trade uncertainty weighs on investment.
  3. The economy is going through a structural transition.
Solutions proposed
  1. Hold the policy rate at 2.25%.
  2. Keep the rate at the low end of neutral to support the economy.
  3. Keep inflation pressures contained.
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· Tiff Macklem Wiki · Bank of Canada WikiGlobal trade, capital flows and Canada's prosperity

ContextRemarks in Saskatoon to the Saskatchewan Trade and Export Partnership and the local Chamber of Commerce; the Bank of Canada keeps inflation low and stable and faces disruption from US tariffs.

Why it mattersThe governor quantifies how US tariffs have hit Canadian exports and frames trade diversification and structural reform as the country's main answers.

Problems raised
  1. US tariffs cut Canadian exports sharply.
  2. Tariffs slow growth and jobs and add costs.
  3. Canada has deep structural weaknesses.
Solutions proposed
  1. Diversify trade and capital flows.
  2. Address structural weaknesses.
  3. Build a more resilient economy.
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· Tiff Macklem Wiki · Bank of Canada WikiMonetary Policy Decision

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 17 September 2025.

Why it mattersThe Bank of Canada cuts its policy rate to 2.5% as tariffs weaken the economy, explaining how it balances growth and inflation risks.

Problems raised
  1. The Canadian economy has weakened.
  2. US tariffs are used as geopolitical pressure.
  3. Trade disruptions may push up costs.
Solutions proposed
  1. Cut the policy rate by 0.25 point to 2.5%.
  2. Balance risks between growth and inflation.
  3. Monitor exports, investment and inflation expectations.
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· Tiff Macklem Wiki · Bank of Canada WikiFlexible inflation targeting in a shock-prone world

ContextRemarks in Mexico City at the conference for Banco de México's 100th anniversary; the Bank of Canada keeps inflation low and stable in a world of repeated economic shocks.

Why it mattersIt draws lessons from the post-pandemic surge for how forcefully to react when supply shocks keep pushing prices up.

Problems raised
  1. Supply shocks are more frequent.
  2. Inflation became high and persistent after the pandemic.
  3. Core inflation is harder to measure.
Solutions proposed
  1. Raise rates forcefully once inflation proves persistent.
  2. Keep long-term expectations anchored.
  3. Improve measures of core inflation.
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· Tiff Macklem Wiki · Bank of Canada WikiThe impact of US trade policy on jobs and inflation in Canada

ContextRemarks by Tiff Macklem, Governor of the Bank of Canada, at the St. John's Board of Trade, St. John's, Newfoundland and Labrador, 18 June 2025.

Why it mattersThe Bank of Canada governor details how US tariffs hit Canadian jobs and prices and how policy may respond.

Problems raised
  1. US tariffs weaken growth and cut jobs.
  2. Higher costs push inflation up.
  3. Uncertainty weighs on the economy.
Solutions proposed
  1. Cut rates if tariffs weaken the economy.
  2. Contain cost pressures on inflation.
  3. Watch how tariff effects spread.
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· Tiff Macklem Wiki · Bank of Canada WikiMonetary Policy Decision

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 4 June 2025.

Why it mattersThe Bank of Canada holds its rate at 2.75% while watching how tariffs affect underlying inflation.

Problems raised
  1. US tariffs weaken the economy.
  2. Higher costs push inflation up.
  3. Underlying inflation needs monitoring.
Solutions proposed
  1. Hold the policy rate at 2.75%.
  2. Watch underlying inflation closely.
  3. Cut rates if the economy weakens and costs are contained.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 16 April 2025.

Why it mattersThe Bank of Canada pauses after seven cuts and uses scenarios because tariff outcomes are unknowable.

Problems raised
  1. Tariffs weaken the economy and raise costs.
  2. Opposing forces make inflation hard to forecast.
  3. Uncertainty is high.
Solutions proposed
  1. Hold the rate at 2.75% after seven cuts.
  2. Watch risks closely.
  3. Use scenarios given uncertainty.
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· Tiff Macklem Wiki · Bank of Canada WikiNavigating tariff uncertainty

ContextRemarks to Calgary Economic Development in Alberta; the Bank of Canada keeps inflation low and stable and faces the threat of US tariffs on Canadian exports.

Why it mattersThe Bank of Canada says its task is to stop a tariff shock from becoming lasting inflation.

Problems raised
  1. Tariffs would raise prices and slow growth.
  2. Tariff levels keep changing.
  3. Expectations could drift up.
Solutions proposed
  1. Focus on anchoring inflation expectations.
  2. Prevent a tariff problem from becoming an inflation problem.
  3. Assess pass-through carefully.
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· Tiff Macklem Wiki · Bank of Canada WikiTariffs, structural change and monetary policy

ContextRemarks to the Mississauga Board of Trade and Oakville Chamber of Commerce in Ontario; the Bank of Canada keeps inflation low and stable and faces US tariff threats.

Why it mattersThe Bank of Canada explains how tariffs could both weaken demand and raise costs, complicating rate decisions.

Problems raised
  1. Tariffs weaken the economy.
  2. Import costs and supply disruptions push prices up.
  3. Structural change challenges policy.
Solutions proposed
  1. Weigh weaker demand against higher costs.
  2. Balance inflation risks both ways.
  3. Renew the monetary policy framework.
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· Tiff Macklem Wiki · Bank of Canada WikiStructural change, supply shocks and hard choices

ContextRemarks (virtually) by Tiff Macklem, Governor of the Bank of Canada, at the Chapultepec Conference, Mexico City, 6 February 2025.

Why it mattersThe Bank of Canada governor explains the hard choices posed by structural change and supply shocks.

Problems raised
  1. Structural change and supply shocks challenge central banks.
  2. Tariffs and a weaker currency push import prices up.
  3. Weaker activity pushes inflation down.
Solutions proposed
  1. Weigh the opposing pressures on inflation carefully.
  2. Make hard choices transparently.
  3. Thank the BIS for its leadership.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 29 January 2025.

Why it mattersThe Bank of Canada cuts again while warning that US tariff threats cloud the outlook.

Problems raised
  1. The threat of US tariffs clouds the outlook.
  2. Weak activity and higher costs pull inflation opposite ways.
  3. Supply chains may be disrupted.
Solutions proposed
  1. Cut the policy rate by 0.25 point.
  2. Assess inflation pressures both ways.
  3. Monitor tariff threats.
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· Tiff Macklem Wiki · Bank of Canada WikiDelivering price stability - learning from the past, preparing for the future

ContextRemarks to the Greater Vancouver Board of Trade in British Columbia; the Bank of Canada keeps inflation low and stable and is cutting rates as inflation returns to target.

Why it mattersThe governor reviews lessons from the inflation episode as rates come down from their peak.

Problems raised
  1. War and protectionism add to vulnerabilities.
  2. AI and non-banks bring risks.
  3. Underlying inflation is hard to measure.
Solutions proposed
  1. Learn from the past to deliver price stability.
  2. Improve cross-border payments.
  3. Refine measures of underlying inflation.
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· Tiff Macklem Wiki · Bank of Canada WikiMonetary Policy Decision

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 11 December 2024.

Why it mattersThe Bank of Canada makes a large half-point cut as inflation is back at target.

Problems raised
  1. Policy was still restrictive.
  2. Inflation was back to target.
  3. The economy needed support.
Solutions proposed
  1. Cut the rate by 0.5 point.
  2. Use core inflation to assess the trend.
  3. Move policy out of restrictive territory.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 23 October 2024.

Why it mattersThe Bank of Canada makes a half-point cut and says risks are now balanced.

Problems raised
  1. Household spending and investment may recover slowly.
  2. Geopolitical uncertainty is high.
  3. Inflation could miss target either way.
Solutions proposed
  1. Cut the policy rate by 0.5 point.
  2. Treat risks symmetrically.
  3. Watch new shocks.
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· Tiff Macklem Wiki · Bank of Canada WikiEconomic growth during uncertain times

ContextRemarks at the Institute of International Finance and Canadian Bankers Association forum in Toronto; the Bank of Canada keeps inflation low and stable and watches weak economic growth.

Why it mattersThe Bank of Canada governor describes uncertainty as a lasting feature of the economy.

Problems raised
  1. Uncertainty is a new reality.
  2. Inflation peaked above 8%.
  3. Shocks will keep coming.
Solutions proposed
  1. Act decisively on inflation.
  2. Prepare for a turbulent world.
  3. Support growth under uncertainty.
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· Tiff Macklem Wiki · Bank of Canada WikiArtificial intelligence, the economy and central banking

ContextRemarks at the NBER conference on the economics of artificial intelligence in Toronto; the Bank of Canada keeps inflation low and studies how AI may change the economy.

Why it mattersMacklem examines whether generative AI could lift productivity and how his staff should use it.

Problems raised
  1. AI is disrupting industries.
  2. AI can produce unreliable content.
  3. Financial institutions face AI risks.
Solutions proposed
  1. Be transparent about AI use.
  2. Keep safeguards and scepticism.
  3. Study AI's effects on the economy.
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· Tiff Macklem Wiki · Bank of Canada WikiRewired, recast and redirected - global trade and implications for Canada

ContextRemarks to the Canada-UK Chamber of Commerce in London; the Bank of Canada keeps inflation low and stable and watches how global trade is being reshaped.

Why it mattersMacklem explains how rewired supply chains and slower trade growth affect Canadian prices and output.

Problems raised
  1. Global trade growth has slowed.
  2. Supply chains are being rewired.
  3. Inflation and growth risks pull in opposite ways.
Solutions proposed
  1. Adapt Canada to new trade patterns.
  2. Manage risks between inflation and growth.
  3. Strengthen trade ties with partners like the UK.
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· Tiff Macklem Wiki · Bank of Canada WikiMonetary Policy Decision

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 4 September 2024.

Why it mattersThe Bank of Canada cuts to 4.25% and now guards against inflation falling too far.

Problems raised
  1. Inflation is nearing target.
  2. The economy could become too weak.
  3. Inflation could fall too much.
Solutions proposed
  1. Cut the policy rate to 4.25%.
  2. Guard against too-low inflation.
  3. Watch core inflation.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 24 July 2024.

Why it mattersThe Bank of Canada cuts to 4.5% as excess supply pulls inflation down.

Problems raised
  1. Excess supply pulls inflation down.
  2. Shelter and services keep it up.
  3. Risks become balanced.
Solutions proposed
  1. Cut the rate to 4.5%.
  2. Balance upside and downside risks.
  3. Watch shelter and services.
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· Tiff Macklem Wiki · Bank of Canada WikiWorkers, jobs, growth and inflation - today and tomorrow

ContextRemarks to the Winnipeg Chamber of Commerce in Manitoba; the Bank of Canada keeps inflation low and stable and watches jobs and growth as inflation eases.

Why it mattersMacklem links pay growth, productivity and inflation as the labour market cools.

Problems raised
  1. Wage growth may fuel inflation.
  2. Investment and productivity are weak.
  3. Labour advantages may fade.
Solutions proposed
  1. Use better wage measures.
  2. Grow the labour force.
  3. Tackle investment and productivity.
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· Tiff Macklem Wiki · Bank of Canada WikiCentral banking - navigating in a new world

ContextRemarks at the 30th Conference of Montreal, the International Economic Forum of the Americas; the Bank of Canada keeps inflation low and stable and adapts to a new economic world.

Why it mattersThe Bank of Canada governor prepares for more frequent supply shocks.

Problems raised
  1. Supply shocks can accumulate and persist.
  2. Strong demand amplifies inflation.
  3. More shocks may come.
Solutions proposed
  1. Learn from the inflation episode.
  2. Prepare for more supply shocks.
  3. Adapt central banking to a new world.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 5 June 2024.

Why it mattersCanada becomes the first G7 economy to cut rates in this cycle, to 4.75%.

Problems raised
  1. Policy was more restrictive than needed.
  2. Inflation is still above target.
  3. Core inflation needs monitoring.
Solutions proposed
  1. Cut the rate to 4.75%.
  2. Expect further cuts if inflation eases.
  3. Watch core inflation closely.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Financial Stability Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the release of the Financial Stability Report, Ottawa, Ontario, 9 May 2024.

Why it mattersMacklem presents the stability report, with a focus on liquidity risks at non-banks.

Problems raised
  1. Market volatility has increased.
  2. Non-banks face liquidity risks.
  3. Stability must be preserved.
Solutions proposed
  1. Publish the Financial Stability Report.
  2. Focus on non-bank liquidity risks.
  3. Promote a stable financial system.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the House of Commons Standing Committee on Finance

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the House of Commons Standing Committee on Finance, Ottawa, Ontario, 2 May 2024.

Why it mattersMacklem explains to MPs why rates stay at 5% while inflation is above target.

Problems raised
  1. Inflation remained above target.
  2. Demand and supply were unbalanced.
  3. Wages and pricing behaviour matter.
Solutions proposed
  1. Hold the rate at 5%.
  2. Watch demand-supply balance and expectations.
  3. Track wage growth and pricing.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the Standing Senate Committee on Banking, Commerce and the Economy

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the Standing Senate Committee on Banking, Commerce and the Economy, Ottawa, Ontario, 1 May 2024.

Why it mattersMacklem tells senators that the conditions for cutting are getting closer but not yet met.

Problems raised
  1. Inflation remained above target.
  2. Demand and supply were unbalanced.
  3. Wages and pricing behaviour matter.
Solutions proposed
  1. Hold the rate at 5%.
  2. Watch demand-supply balance and expectations.
  3. Track wage growth and pricing.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the monetary policy decision, Ottawa, Ontario, 10 April 2024.

Why it mattersMacklem holds at 5% and says cuts depend on core inflation easing further.

Problems raised
  1. Core inflation declined only recently.
  2. Inflation is above target.
  3. Pricing and wages matter.
Solutions proposed
  1. Hold the rate at 5%.
  2. Watch core inflation.
  3. Track demand, expectations and wages.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, Ontario, 6 March 2024.

Why it mattersMacklem shifts the debate from more hikes to how long rates stay high.

Problems raised
  1. Inflation surprises could require more hikes.
  2. Policy must stay restrictive.
  3. Timing of cuts is uncertain.
Solutions proposed
  1. Hold the rate.
  2. Shift the debate to how long to hold.
  3. Watch inflation closely.
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· Tiff Macklem Wiki · Bank of Canada WikiMonetary policy - the right tool for the right job

ContextRemarks to the Montreal Council on Foreign Relations in Quebec; the Bank of Canada keeps inflation low and stable and explains what monetary policy can and cannot do.

Why it mattersMacklem explains why the bank looks through short-term price shocks.

Problems raised
  1. Relative price shocks cause short-term inflation swings.
  2. The path to 2% is slow.
  3. Risks remain.
Solutions proposed
  1. Look through short-term price shocks.
  2. Use monetary policy for its proper job.
  3. Wait for clear easing of underlying inflation.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the House of Commons Standing Committee on Finance

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the House of Commons Standing Committee on Finance, Ottawa, Ontario, 1 February 2024.

Why it mattersMacklem tells MPs that wages and expectations still show inflation pressure.

Problems raised
  1. Inflation expectations and wages show underlying pressure.
  2. Demand is weak.
  3. Inflation remains above target.
Solutions proposed
  1. Hold the rate at 5%.
  2. Expect inflation to ease further.
  3. Monitor expectations and wages.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, Ontario, 24 January 2024.

Why it mattersMacklem holds at 5% while expecting inflation to ease.

Problems raised
  1. Wages and expectations show inflation pressure.
  2. Demand is weak.
  3. Inflation remains high.
Solutions proposed
  1. Hold the rate at 5%.
  2. Expect inflation to ease.
  3. Watch underlying pressures.
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· Tiff Macklem Wiki · Bank of Canada WikiThe path to price stability

ContextRemarks to the Canadian Club Toronto in Ontario; the Bank of Canada keeps inflation low and stable and is holding rates high to finish the fight against inflation.

Why it mattersMacklem says borrowing costs must remain elevated long enough to finish the job against rising prices.

Problems raised
  1. Inflation is falling but remains above the 2% target.
  2. New shocks such as wars, geopolitical tension, climate risk and high debt threaten stability.
  3. Price pressures differ widely from one sector of the economy to another.
Solutions proposed
  1. Keep the policy rate high enough, long enough, to bring inflation back to 2%.
  2. Watch core inflation measures closely before any easing.
  3. Look beyond aggregate data to spot sectoral price pressures early.
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· Tiff Macklem Wiki · Bank of Canada WikiEnding the pain of high inflation

ContextRemarks to the Saint John Region Chamber of Commerce in New Brunswick; the Bank of Canada keeps inflation low and stable and wants to end high inflation.

Why it mattersMacklem says acting quickly avoids repeating the inflation mistakes of the 1970s.

Problems raised
  1. High inflation has caused pain for Canadians.
  2. Slow action against inflation leads to higher rates later.
  3. Higher rates weigh on households and businesses.
Solutions proposed
  1. Act quickly to avoid the mistakes of the 1970s.
  2. Keep policy high enough to return inflation to 2%.
  3. Explain policy decisions directly to regions across Canada.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the Standing Senate Committee on Banking, Commerce and the Economy

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the Standing Senate Committee on Banking, Commerce and the Economy, Ottawa, Ontario, 1 November 2023.

Why it mattersMacklem tells senators that core inflation is not easing enough.

Problems raised
  1. Inflation remains above target.
  2. Core inflation measures are not easing enough.
  3. Higher rates weigh on the economy.
Solutions proposed
  1. Hold the policy rate at 5%.
  2. Watch core inflation for signs of easing.
  3. Stand ready to raise rates further if needed.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the House of Commons Standing Committee on Finance

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the House of Commons Standing Committee on Finance, Ottawa, Ontario, 30 October 2023.

Why it mattersMacklem tells MPs the bank stands ready to raise rates further if needed.

Problems raised
  1. Inflation remains above target.
  2. Core inflation measures are not easing enough.
  3. Higher rates weigh on households.
Solutions proposed
  1. Hold the policy rate at 5%.
  2. Watch core inflation for signs of easing.
  3. Stand ready to raise rates further if needed.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, Ontario, 25 October 2023.

Why it mattersMacklem holds at 5% but keeps further hikes on the table.

Problems raised
  1. Further easing in inflation is likely to be slow.
  2. Inflationary risks have increased.
  3. Core inflation remains high.
Solutions proposed
  1. Maintain the policy rate at 5%.
  2. Look for more easing in core inflation.
  3. Be prepared to raise rates further.
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· Tiff Macklem Wiki · Bank of Canada WikiEconomic progress report - target in sight, but we're not there yet

ContextRemarks to the Calgary Chamber of Commerce in Alberta; the Bank of Canada keeps inflation low and stable and says the inflation target is in sight but not yet reached.

Why it mattersMacklem says price growth is nearing the goal but further hikes remain possible.

Problems raised
  1. Inflation is falling but not yet at target.
  2. Risks of under- and over-tightening must be balanced.
  3. Inflationary pressures may persist.
Solutions proposed
  1. Hold the policy rate at 5%.
  2. Be ready to raise rates further if needed.
  3. Monitor core inflation and wage growth.
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· Tiff Macklem Wiki · Bank of Canada WikiMonetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, Ontario, 12 July 2023.

Why it mattersCanada raises its rate to 5% as disinflation momentum fades.

Problems raised
  1. Inflation downward momentum is waning.
  2. Progress to price stability could stall.
  3. Inflation expectations remain high.
Solutions proposed
  1. Raise the policy rate to 5%.
  2. Monitor core inflation and expectations.
  3. Be ready to act further.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Financial System Review

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the release of the Financial System Review, Ottawa, Ontario, 18 May 2023.

Why it mattersMacklem warns that a severe recession could interact with Canadian household debt.

Problems raised
  1. Global financial stress could re-emerge.
  2. Canadian financial vulnerabilities exist.
  3. A severe recession could interact with vulnerabilities.
Solutions proposed
  1. Monitor financial stability closely.
  2. Keep the financial system resilient.
  3. Communicate risks through the Financial System Review.
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· Tiff Macklem Wiki · Bank of Canada WikiStaying the course to price stability

ContextRemarks to the Toronto Region Board of Trade in Ontario; the Bank of Canada keeps inflation low and stable and holds rates to finish bringing inflation down.

Why it mattersMacklem says services inflation and a tight labour market keep the bank on course.

Problems raised
  1. Services inflation remains high.
  2. Labour market is tight.
  3. Inflation expectations are elevated.
Solutions proposed
  1. Stay the course to price stability.
  2. Rebalance the labour market.
  3. Normalise corporate pricing.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the Standing Senate Committee on Banking, Commerce and the Economy

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the Standing Senate Committee on Banking, Commerce and the Economy, Ottawa, Ontario, 20 April 2023.

Why it mattersMacklem tells senators it is unclear whether policy is restrictive enough.

Problems raised
  1. Inflation remains well above the 2% target.
  2. It is unclear if policy is restrictive enough.
  3. Upside inflation risks remain.
Solutions proposed
  1. Hold the policy rate at 4.5%.
  2. Assess whether tightening is sufficient.
  3. Stand ready to raise rates further.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the House of Commons Standing Committee on Finance

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the House of Commons Standing Committee on Finance, Ottawa, Ontario, 18 April 2023.

Why it mattersMacklem tells MPs that upside inflation risks worry the bank.

Problems raised
  1. Inflation remains well above the 2% target.
  2. It is unclear if policy is restrictive enough.
  3. Upside inflation risks worry the Bank.
Solutions proposed
  1. Hold the policy rate at 4.5%.
  2. Assess whether tightening is sufficient.
  3. Explain policy to Parliament.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, Ontario, 12 April 2023.

Why it mattersMacklem holds at 4.5% while watching upside risks.

Problems raised
  1. Inflation remains well above target.
  2. Upside risks worry the Bank.
  3. Uncertainty about restrictiveness.
Solutions proposed
  1. Hold the policy rate at 4.5%.
  2. Monitor inflation and risks.
  3. Be ready to raise rates.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the House of Commons Standing Committee on Finance

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the House of Commons Standing Committee on Finance, Ottawa, Ontario, 16 February 2023.

Why it mattersMacklem explains the pause after raising rates to 4.5%.

Problems raised
  1. Inflation remains well above target.
  2. Upside risks remain.
  3. The economy is slowing.
Solutions proposed
  1. Raise the policy rate to 4.5%.
  2. Pause to assess the effects of tightening.
  3. Stand ready to act if needed.
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· Tiff Macklem Wiki · Bank of Canada WikiMonetary policy at work

ContextRemarks to CFA Québec in Quebec City; the Bank of Canada keeps inflation low and stable and explains how rate rises are working.

Why it mattersMacklem explains the conditional pause in rate hikes.

Problems raised
  1. Inflation remains high.
  2. Services inflation must cool.
  3. Supply must catch up with demand.
Solutions proposed
  1. Pause rate increases to assess.
  2. Monitor core inflation.
  3. Return inflation to 2%.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, Ontario, 25 January 2023.

Why it mattersCanada raises rates to 4.5% and signals a conditional pause.

Problems raised
  1. Inflation remains high.
  2. Upside risks worry the Bank.
  3. Demand needs to slow.
Solutions proposed
  1. Raise the policy rate to 4.5%.
  2. Pause further increases to assess.
  3. Expect inflation to fall this year.
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· Tiff Macklem Wiki · Bank of Canada WikiPutting the resolute in resolutions - looking ahead to lower inflation

ContextRemarks to the Business Council of British Columbia in Vancouver; the Bank of Canada keeps inflation low and stable and is raising rates to cut high inflation.

Why it mattersMacklem stays resolute on cutting inflation.

Problems raised
  1. Inflation remains high.
  2. Core inflation pressures persist.
  3. Businesses face challenges.
Solutions proposed
  1. Stay resolute on lowering inflation.
  2. Monitor core inflation.
  3. Engage with provinces.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the House of Commons Standing Committee on Finance

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the House of Commons Standing Committee on Finance, Ottawa, Ontario, 23 November 2022.

Why it mattersMacklem explains the hike to 3.75%.

Problems raised
  1. Inflation is well above target.
  2. Demand must slow.
  3. Supply challenges persist.
Solutions proposed
  1. Raise the policy rate to 3.75%.
  2. Assess how tightening works.
  3. Watch inflation expectations.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening remarks - Conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking

ContextOpening remarks by Tiff Macklem, Governor of the Bank of Canada, at the Conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking, Ottawa, Ontario, 14 November 2022.

Why it mattersMacklem argues that the profession needs talent from more backgrounds.

Problems raised
  1. Economics and finance lack diversity.
  2. Inclusion needs progress.
  3. Central banks need diverse talent.
Solutions proposed
  1. Hold conferences on diversity and inclusion.
  2. Cooperate among central banks.
  3. Promote inclusion in the profession.
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· Tiff Macklem Wiki · Bank of Canada WikiRestoring labour market balance and price stability

ContextRemarks at the Public Policy Forum in Toronto; the Bank of Canada keeps inflation low and stable and faces a very tight labour market.

Why it mattersMacklem explains why too many vacancies keep prices rising.

Problems raised
  1. The labour market is too tight.
  2. Inflation may become entrenched.
  3. Raising rates too much could hurt jobs.
Solutions proposed
  1. Restore labour market balance.
  2. Raise rates enough to stop inflation.
  3. Balance risks of over- and under-tightening.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement - Standing Senate Committee on Banking, Trade and Economy

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the Standing Senate Committee on Banking, Trade and the Economy, Ottawa, Ontario, 1 November 2022.

Why it mattersMacklem explains the 3.75% rate to senators.

Problems raised
  1. Inflation is well above target.
  2. Demand needs to slow.
  3. Supply challenges persist.
Solutions proposed
  1. Raise the policy rate to 3.75%.
  2. Assess effects of tightening.
  3. Explain policy to the Senate.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, Ontario, 26 October 2022.

Why it mattersCanada raises to 3.75% while watching upside risks.

Problems raised
  1. Inflation is far above target.
  2. Upside risks are a concern.
  3. Demand must slow.
Solutions proposed
  1. Raise the policy rate to 3.75%.
  2. Watch upside risks.
  3. Continue tightening as needed.
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· Tiff Macklem Wiki · Bank of Canada WikiWhat's happening to inflation and why it matters

ContextRemarks to the Halifax Chamber of Commerce in Nova Scotia; the Bank of Canada keeps inflation low and stable and explains why inflation matters.

Why it mattersMacklem explains why prices must come down and how core gauges fall short.

Problems raised
  1. Inflation is too high.
  2. Exclusion-based core measures are imperfect.
  3. Demand must slow.
Solutions proposed
  1. Continue tightening.
  2. Use better measures of core inflation.
  3. Watch inflation expectations.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Monetary Policy Report

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada and Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at the press conference following the release of the Monetary Policy Report, Ottawa, Ontario, 13 July 2022.

Why it mattersCanada makes a full-point hike to front-load tightening.

Problems raised
  1. Demand exceeds supply.
  2. Inflation is high.
  3. Inflation expectations have risen.
Solutions proposed
  1. Raise the rate by 100 basis points.
  2. Front-load tightening.
  3. Keep expectations consistent with 2%.
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· Tiff Macklem Wiki · Bank of Canada WikiRelease of the Financial System Review

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the Standing Senate Committee on Banking, Trade and Commerce, Ottawa, Ontario, 27 April 2022.

Why it mattersMacklem flags household debt and housing as key vulnerabilities.

Problems raised
  1. Canadian financial vulnerabilities exist.
  2. The war adds risks.
  3. Risks are rising.
Solutions proposed
  1. Assess vulnerabilities annually.
  2. Monitor household debt and housing.
  3. Communicate risks.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the Standing Senate Committee on Banking, Trade and Commerce

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the Standing Senate Committee on Banking, Trade and Commerce, Ottawa, Ontario, 27 April 2022.

Why it mattersMacklem explains to senators why rates must rise to anchor expectations.

Problems raised
  1. Russia's invasion raises oil prices.
  2. Supply chains are clogged.
  3. Inflation expectations must stay anchored.
Solutions proposed
  1. Raise rates to anchor expectations.
  2. Explain policy to the Senate.
  3. Expect inflation to ease as pressures abate.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the House of Commons Standing Committee on Finance

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, to the Standing Senate Committee on Finance, Ottawa, Ontario, 25 April 2022.

Why it mattersMacklem tells MPs that oil and supply shocks require higher rates.

Problems raised
  1. Russia's invasion raises oil prices.
  2. Supply chains are clogged.
  3. Inflation is high.
Solutions proposed
  1. Raise interest rates.
  2. Keep expectations anchored on 2%.
  3. Explain policy to Parliament.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the Monetary Policy Report Press Conference

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, before the Monetary Policy Report Press Conference, Ottawa, Ontario, 13 April 2022.

Why it mattersMacklem explains the half-point hike after the invasion.

Problems raised
  1. Russia's invasion causes suffering.
  2. Oil prices and supply chains drive inflation.
  3. Expectations must stay anchored.
Solutions proposed
  1. Raise rates.
  2. Keep expectations anchored.
  3. Expect inflation to fall back.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the House of Commons Standing Committee on Finance

ContextOpening statement (delivered virtually) by Tiff Macklem, Governor of the Bank of Canada, before the House of Commons Standing Committee on Finance, Ottawa, Ontario, 3 March 2022.

Why it mattersMacklem tells MPs that emergency stimulus is no longer needed.

Problems raised
  1. Inflation in Canada is too high.
  2. Supply disruptions push prices up.
  3. Emergency stimulus is no longer needed.
Solutions proposed
  1. Tighten monetary policy.
  2. Raise interest rates.
  3. Explain policy to Parliament.
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· Tiff Macklem Wiki · Bank of Canada WikiEconomic progress report - controlling inflation

ContextRemarks (delivered virtually) by Tiff Macklem, Governor of the Bank of Canada, to the CFA (Chartered Financial Analyst) Society Toronto, Toronto, Ontario, 3 March 2022.

Why it mattersMacklem explains what Canadians can expect from rate rises.

Problems raised
  1. Inflation is too high in Canada.
  2. Russia's invasion adds uncertainty.
  3. Demand exceeds supply.
Solutions proposed
  1. Raise interest rates to control inflation.
  2. Explain what Canadians can expect.
  3. Monitor the effects of the war.
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· Tiff Macklem Wiki · Bank of Canada WikiThe role of Canadian business in fostering non-inflationary growth

ContextRemarks (delivered virtually) by Tiff Macklem, Governor of the Bank of Canada, to the Canadian Chamber of Commerce, Ottawa, Ontario, 9 February 2022.

Why it mattersMacklem urges Canadian firms to invest in technology.

Problems raised
  1. Canadian business investment is low.
  2. ICT investment gap widened.
  3. Productivity growth is weak.
Solutions proposed
  1. Encourage business investment.
  2. Invest in technology.
  3. Sustain non-inflationary growth.
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· Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the Standing Senate Committee on Banking, Trade and Commerce

ContextOpening statement by Tiff Macklem, Governor of the Bank of Canada, to the Standing Senate Committee on Banking, Trade and Commerce, Ottawa, 2 February 2022.

Why it mattersMacklem prepares senators for rate rises.

Problems raised
  1. Inflation is close to 5%.
  2. Pressures should ease later.
  3. Stimulus must be withdrawn.
Solutions proposed
  1. Prepare to raise rates.
  2. Expect inflation to decline.
  3. Explain policy to the Senate.
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