Bank of Canada Governor Tiff Macklem acknowledged that public trust in the central bank has been damaged by post-pandemic inflation during a panel at the 2024 Conference of Montreal.
Macklem emphasized the need to rebuild trust by explaining policies clearly to the public, particularly as many Canadians face high inflation for the first time. He noted that inflation harms the economy and corrodes trust in market systems.
The central bank recently cut its key interest rate by a quarter-point, signaling confidence in the cooling economy and inflation. Macklem also highlighted the need for businesses and central banks to adapt to future supply chain volatility and a new normal of global interest rates.
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