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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

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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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