Bank of Canada's Macklem says he is 'not even thinking' of cutting rates

Macklem made his remarks in an interview with Reuters after earlier announcing a rate hike and saying the central bank would pause to see how the economy was reacting to tightening.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.

“But inflation is still over 6%. We’re not talking about cuts. We’re not even thinking about cuts … the question really we’re asking ourselves is, ‘Have we done enough?’ We’re pausing to assess whether we’ve done enough,” Macklem said.Article content The rapid rise in rates has cooled the economy, but a tight labor market risks causing spiraling wage growth and reigniting inflation. The central bank has said repeatedly it wants to raise rates enough to slow an overheated economy, but not so much that it will drive it into a deep recession.The biggest near-term risk is if the rapid reopening of the Chinese economy caused global commodity and oil prices to increase, which would push up global inflation, Macklem said.

If services prices are sticky, “you’re not going to see inflation come down as we forecast and yes, in that case, we probably will need to do more,” said Macklem, speaking at the bank’s Ottawa headquarters.

Betcha this twit’s not worried about rent or a mortgage renewal

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