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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: inflation and price stability, growth, investment and productivity, labour markets and jobs

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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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