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MNI: Canada Seeks Supply Boost To Aid BOC Inflation Fight

(MNI) Ottawa
(MNI)

Freeland pledges to pull back stimulus alongside BOC, dependent on a potential hard landing.

Canadian Finance Minister Chrystia Freeland said Thursday the government will support the central bank's lead in the inflation fight with policies aimed at improving supply chains, and signaled she may introduce new fiscal stimulus if the economy has a hard landing.

The speech is the clearest signal yet that as for President Joe Biden, inflation has become the dominant domestic issue for voters in a legislature where governing Liberal Party lacks a clear majority to control the agenda. Freeland attributed most responsibility for inflation control to the central bank while rejecting Conservative leadership candidate Pierre Poilievre's calls to fire Governor Tiff Macklem for failing to head off the fastest price gains in decades at 6.8%, saying it's a global problem.

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Canadian Finance Minister Chrystia Freeland said Thursday the government will support the central bank's lead in the inflation fight with policies aimed at improving supply chains, and signaled she may introduce new fiscal stimulus if the economy has a hard landing.

The speech is the clearest signal yet that as for President Joe Biden, inflation has become the dominant domestic issue for voters in a legislature where governing Liberal Party lacks a clear majority to control the agenda. Freeland attributed most responsibility for inflation control to the central bank while rejecting Conservative leadership candidate Pierre Poilievre's calls to fire Governor Tiff Macklem for failing to head off the fastest price gains in decades at 6.8%, saying it's a global problem.

Keep reading...Show less