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(MNI) OTTAWA
OTTAWA (MNI)

Bank of Canada Governor Tiff Macklem told reporters Wednesday that there's a case for hiking borrowing costs a bit beyond the 1%-3% neutral range to break the inflation cycle and prevent the need for even more painful tightening later.

"By front-loading interest rate increases now, we are trying to avoid the need for even higher interest rates down the road," he said in an opening statement for a press conference. "Front-loaded tightening cycles tend to be followed by softer landings. This argues for getting our policy rate quickly to the top end or slightly above the neutral range."

MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com

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