Tiff Macklem doubles down on message that Canadians should prepare for higher interest rates

The Bank of Canada is prepared to raise interest rates “forcefully if needed” to get inflation under control, Governor Tiff Macklem said Wednesday, doubling down on the message that Canadian households and businesses should brace for higher borrowing costs over the coming year.

“We need to cool growth to cool inflation. We don’t want to overcool the economy, but we don’t want it overheating and creating inflation. So yes it’s going to be delicate,” he said. The bank’s campaign to normalize borrowing costs after two years of ultra-accommodative monetary policy still has a ways to go. Mr. Macklem has said several times in recent weeks that the bank intends to bring the overnight rate back to between 2 and 3 per cent relatively quickly. How fast and how high interest rates move will ultimately depend on how the economy reacts.

Borrowing costs for Canadian households have already begun moving higher, with variable rate mortgages moving in lockstep with the bank’s policy rate, and fixed-rate mortgages – which track government bonds – moving higher as bond investors have begun pricing in a more aggressive rate hike path from the central bank.

So why did he LIE when HE insisted there will NOT be any interests rates hikes coming until the end of ‘22. This during last Fall’s election campaign? Trudeau ?

This is such a pile of BS. Dump the BoC chump. Go with price controls. Get a competition bureau with gums at least. Drop a few dingbats from the Keystone Kabinet.

I never got a mortgage lol... I rent a basement of a house... No bank is taking my sheeeet lol...

Never trust a man who has a middle name of Tiffany.

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