The Interview

‘A source of concern’: Tiff Macklem on Canada’s nagging productivity problem, inflation and the housing crisis

Bank of Canada governor Tiff Macklem is in a kind of limbo. He’s suddenly halfway through his seven-year mandate. It’s too soon to think about legacy, especially when the fight that will define it remains unfinished. The Bank of Canada’s latest forecasts have inflation at or near the two per cent target sometime in 2025. That means he should be able to start cutting interest rates this year. But he’s unsure when, never mind by how much. Inflation, at 3.4 per cent, remains too high for a central bank whose only job is to orchestrate price stability. And everyone knows what happens to heroes who dust themselves off too soon: they get pulled back into a fight by the villain who refuses to die. 

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