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MNI:BOC Sees Risk Of Over- and Under-Tightening In Hot Job Mkt

(MNI) OTTAWA
Restoring price stability is Bank's first priority over maximum sustainable employment, Macklem says.

Bank of Canada Governor Tiff Macklem said Thursday higher interest rates are needed to slow an overheated job market even as the economy faces a major slowdown, adding there are risks both with going too far and not doing enough to prevent high inflation from becoming entrenched. 

"We’re trying to balance the risks of over- and under-tightening monetary policy," Macklem said in a speech in Toronto to the Public Policy Forum. The remarks didn't rehash the view given in the Oct. 26 decision to hike another 50bps to 3.75% that the end of the hiking cycle is near.

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Bank of Canada Governor Tiff Macklem said Thursday higher interest rates are needed to slow an overheated job market even as the economy faces a major slowdown, adding there are risks both with going too far and not doing enough to prevent high inflation from becoming entrenched. 

"We’re trying to balance the risks of over- and under-tightening monetary policy," Macklem said in a speech in Toronto to the Public Policy Forum. The remarks didn't rehash the view given in the Oct. 26 decision to hike another 50bps to 3.75% that the end of the hiking cycle is near.

Keep reading...Show less