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MNI BRIEF: BOC Says Higher Rates Needed To Slow Inflation

(MNI) OTTAWA
OTTAWA (MNI)

Bank of Canada Governor Tiff Macklem used a Twitter video Monday to restate the case that the pain of higher interest rates will pay off as the cost of living comes back to normal.

“Inflation is too high and that’s affecting all Canadians,” Macklem said in the video message. “It is important that we get inflation back down so Canadians can plan their spending and their savings, and they don’t get surprised by big changes in their cost of living.”

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Bank of Canada Governor Tiff Macklem used a Twitter video Monday to restate the case that the pain of higher interest rates will pay off as the cost of living comes back to normal.

“Inflation is too high and that’s affecting all Canadians,” Macklem said in the video message. “It is important that we get inflation back down so Canadians can plan their spending and their savings, and they don’t get surprised by big changes in their cost of living.”

Keep reading...Show less