Opening statement before the House of Commons Standing Committee on Finance
· Tiff Macklem, Governor of the Bank of Canada (Canada)
Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability
TM · Tiff Macklem Wiki · Bank of Canada WikiOpening statement before the House of Commons Standing Committee on FinanceContextOpening 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- Russia's invasion raises oil prices.
- Supply chains are clogged.
- Inflation is high.
Solutions proposed- Raise interest rates.
- Keep expectations anchored on 2%.
- Explain policy to Parliament.
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