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Opening statement before the Standing Senate Committee on Banking, Trade and Commerce

· Tiff Macklem, Governor of the Bank of Canada (Canada)

Summary written by Dark Majestic in its own words · topics: inflation and price stability, trade, fragmentation and geopolitics

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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 Stimulus must be withdrawn.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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