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MNI BRIEF: BOC Balancing Over- And Under-Tightening Risks

(MNI) OTTAWA
OTTAWA (MNI)

Bank of Canada Governor Tiff Macklem said Wednesday he's balancing the risks of going too far and not far enough with interest-rate hikes, and that he must focus on his single mandate of price stability.

"We need the economy to slow down to rebalance demand and supply and relieve price pressures," he said in a statement ahead of a press conference. "We are still far from that goal" of price stability, he said. Earlier the Bank hiked its key rate a less than expected 0.5% to 3.75%. Macklem also noted a rapid tightening of financial conditions worldwide, and said Canada's economy will move into excess supply in 2023.

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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