Rates may be ‘restrictive enough’, says Bank of Canada

Macklem said the country’s economy is expected to remain weak for the next few quarters, which means “more downward pressure on inflation is in the pipeline”. — Bloomberg

OTTAWA: Bank of Canada (BoC) governor Tiff Macklem says policymakers may have done enough to tame inflation, reinforcing market and economist expectations that short-term rates have peaked.

In his first speech since leaving the bank’s overnight rate unchanged at 5% in October, Macklem said the country’s economy is expected to remain weak for the next few quarters, which means “more downward pressure on inflation is in the pipeline”.