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FED Remains in Play Post-NFP/ISM Data

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MNI BRIEF: Trudeau's Minority Govt NDP Partner Attacks BOC


The leader of the opposition party propping up Canadian Prime Minister's Justin Trudeau's minority government attacked the central bank Wednesday, objecting to Governor Tiff Macklem's comments about holding down wages and raising interest rates as the economy faces recession.

New Democratic Party Leader Jagmeet Singh in Question Period twice asked Trudeau if the Liberal government still backs monetary policy. Both times, Trudeau said Canada has a long tradition of defending the "integrity and independence" of institutions such as the central bank.

The questions suggest friction around the deal Singh has made with Trudeau to keep the Liberals in power for a regular four-year mandate, rather than joining other opposition parties in potentially passing a non-confidence motion to force an early election. They are also unusual since the left-leaning NDP has now joined the Conservatives in attacking monetary policy, though the Tories have instead blamed the central bank for feeding budget deficits and inflation with its bond purchase program. (See: MNI INTERVIEW: BOC Needs More Scrutiny Amid QE-Conservative MP)

MNI Ottawa Bureau | +1 613-314-9647 |
MNI Ottawa Bureau | +1 613-314-9647 |

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