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MNI: BOC Won't Rule Out Bigger Hike After Last Week's 50BPS

(MNI) Ottawa
(MNI)

Supply chain problems have been surprising and are hard to predict, Governor says

Bank of Canada Governor Tiff Macklem told reporters Thursday he won't rule anything out when asked about following up last week's half-point rate hike with something even bigger.

"I've used the wording that we need to normalize monetary policy reasonably quickly, and we're prepared to be as forceful as needed, and I'm really going to let those words speak for themselves,” he said. Last week's 50bp rate increase was already "an unusual step" that hadn't been taken in two decades and "Canadians should expect further increases in interest rates," he said.

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Bank of Canada Governor Tiff Macklem told reporters Thursday he won't rule anything out when asked about following up last week's half-point rate hike with something even bigger.

"I've used the wording that we need to normalize monetary policy reasonably quickly, and we're prepared to be as forceful as needed, and I'm really going to let those words speak for themselves,” he said. Last week's 50bp rate increase was already "an unusual step" that hadn't been taken in two decades and "Canadians should expect further increases in interest rates," he said.

Keep reading...Show less