Bank of Canada governor Tiff Macklem told reporters after a speech in Saint John, N.B., that Finance Minister Chrystia Freeland’s decision to restrain spending growth will be “helpful” in getting inflation back to target, more evidence that interest rates have peaked. (The Logic)

Talking point: Last month, Macklem pushed back against politicians critical of higher interest rates, pointing out that government spending had become an important source of inflation. Freeland appeared to get the message, as her fall economic statement released Tuesday keeps spending in check. Macklem also called the latest inflation numbers “good news,” adding that current interest rates “may be high enough” to get year-over-year price increases back to the Bank of Canada’s two per cent target. It will be a while before the central bank thinks about cutting rates, but it’s starting to look like hikes are at an end.