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Sweet and Spicy: what's the buzz on honey infusions? | SaltWireOTTAWA, Oct 13 - Bank of Canada Governor Tiff Macklem on Friday said the economy is not heading for a"serious recession" and that he is looking for a clear sign underlying inflation is easing ahead of a rate decision on Oct 25.
Growth unexpectedly shrank in the second quarter and stalled in the first two months of the third, while core inflation has proven sticky. September consumer price inflation numbers will be published on Tuesday. "We're not going to be forecasting a serious recession," Macklem told reporters in a call from Marrakech, Morocco, where he was attending an IMF meeting. The rate announcement will be accompanied by an update of the bank's economic forecasts.
Macklem said the bank would be weighing whether to let previous rate hikes work through the economy or raise rates again to counter sticky inflation. "What we're looking for are clear signs that core inflation, underlying inflation, those pressures are easing and inflation is going to be coming down," Macklem said.
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