CALGARY — Bank of Canada Governor Tiff Macklem says the central bank may have to raise interest rates further, given inflation may stay high for some time.
His speech comes one day after the central bank decided to hold its key interest rate steady at five per cent as signs of a slowing economy grow.
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Bank of Canada says interest rates may not be high enoughBank of Canada Governor Tiff Macklem on Thursday said interest rates may not be high enough to bring inflation back down to target, sending a hawkish message after holding borrowing costs at a 22-year high a day earlier. On Wednesday, the Bank of Canada (BoC) kept its key rate at 5%, noting the economy had entered a period of weaker growth, but said it could hike again should price pressures persist. Inflation has remained above the bank's 2% target for 27 months.
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