The full effects of interest rate hikes have yet to be felt — and will be"even more powerful" than many anticipate, former Bank of Canada governor Stephen Poloz said.
He said policy action will need to do the rest of the work to get inflation back down to the central bank's two per cent target. Is the Bank of Canada overshooting with its rate hikes?"It's impossible to say," Poloz said in an interview. "It takes a long time to actually slow down and so you stand on the brake really hard. Well, then you're going to cause an accident too," he said.
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