Some experts are fretting about central bank's independence when it comes to monetary policy
,” the federal finance minister and deputy prime minister said in a statement after the central bank announced its decision on Sept. 6. “As the bank continues this work, my number one priority is to use all the tools at my disposal, and to work with partners at other levels of government across Canada, to ensure that interest rates can come down as soon as possible.
A few days later, Doug Ford in a letter said Ontarians “cannot afford the crushing impacts of further rate hikes,” adding that the central bank’s 10 rate hikes so far in this cycle have had a “devastating impact on people.”And on the eve of the Bank of Canada interest rate call, Newfoundland and Labrador Premier Andrew Furey asked Macklem in a letter to “more fully consider the negative impacts” of further interest rate hikes.
In 1991, however, the central bank and the federal government jointly set the inflation target at two per cent with the goal of creating a stable environment for prices. Every five years, the inflation target is reviewed by the Bank of Canada and the Department of Finance, as it was most recently at the end of 2021 when the two per cent target was renewed.
“Having this sort of commentary coming is useful information; it’s just how it can be communicated better without causing people to lose faith in the central bank’s action to imply that they are somehow crippling the economy,” David said. “That is a direction that I am not too excited about.”
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