Regulatory Alerts2026-05-06
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Opening Statement by Bank of Canada Governor Tiff Macklem to the Senate Standing Committee on Banking, Commerce and the Economy
Bank of Canada Governor Tiff Macklem informed the Senate Standing Committee that the Governing Council maintained the policy interest rate at 2.25% to balance economic growth against inflationary pressures from global energy shocks. The central bank projects inflation will peak near 3% in April due to higher gasoline prices but expects it to return to the 2% target by early next year under baseline assumptions. Macklem emphasized that monetary policy remains data-dependent and nimble, with potential rate cuts if US trade restrictions worsen or rate hikes if energy prices trigger persistent generalized inflation.
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