Last month the central bank left its key overnight interest rate on hold at 4.50%, but said rates may need to stay high for a while because of wage pressure in a tight labor market and sticky services prices
Canadian inflation risks getting stuck significantly above the Bank of Canada’s 2% target, and if that happens the central bank is ready to hike interest rates further, Governor Tiff Macklem said on Thursday.
“But there is a risk that these adjustments will take longer or stall, and inflation will get stuck materially above the 2% target,” Macklem told the Toronto Region Board of Trade. But at its policy-setting meeting last month, the bank mulled an increase because of a persistently tight labour market and stronger-than-expected growth. It decided to hold off to collect more evidence on the impact of previous rate increases.
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