B.C. Premier David Eby received a letter from Bank of Canada governor Tiff Macklem, who expressed concern about specific directions on monetary policy.
B.C. Premier David Eby says he’s undeterred to share further concerns he’s hearing from British Columbians about interest rate hikes to Bank of Canada governor Tiff Macklem, who cautioned the politician on threatening the perceived independence of the central bank.
Macklem first thanked Eby for his input on rate hikes; however, he took issue with Eby suggesting the bank ought to take a certain direction, as it assesses the high-inflation environment. As such, Eby’s comments have added to the “ongoing independence‑accountability debate” — albeit one that has seen little chatter over the past 30 years as the consumer price index has remained stable at around two per cent, since such a target was introduced in 1995.
Eby said he had confidence that Macklem could be independent while taking input from politicians such as himself. Macklem is set to announce on Wednesday if the bank will raise, pause or lower interest rates. The speculation is that the bank will hold rates as the consumer price index came in at 3.8 per cent last month, down from a bounce back of four per cent in August, which had spurred Eby’s concern of another hike.Macklem also told Eby he remains concerned about “the persistence of underlying inflationary pressures” and should they persist “we may need to raise our policy rate further.
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