Monetary Policy in Canada Becomes a Political Issue

Monetary policy in Canada is rapidly turning into “monetary politics.”have solicited recent outbursts of concern from several premiers, with Ontario’s Doug Ford highlighting the “crushing pressure” on many families and businesses in a public letter toEven the minister of finance, Chrystia Freeland, publicly “welcomed” an interest rate hold in September. Though subtle, the language was a tacit seal of approval, and a hint of federal sentiments had the outcome been different.

Political and social disquiet is understandable. Voters face mounting affordability concerns from higher mortgage costs and day-to-day prices. The rise in rates is the steepest in 40 years. The premiers’ letters, arguably, make for good politics: There is little to lose, and central bankers are an easy target. And besides, the premiers have no formal sway over monetary policy, anyway, so why not try to score some points with voters? Safe to say, Macklem didn’t see their meddling as entirely benig

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