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MNI INTERVIEW: BOC Too Optimistic On CPI Slowdown-Ex Official

(MNI) OTTAWA
OTTAWA (MNI)

Former top StatsCan economist Phil Cross says it will get harder to fully restore 2% inflation.

Inflation won't come down as easily as the Bank of Canada predicts, former top government economist Phil Cross told MNI, meaning investors should heed Governor Tiff Macklem's message that it's far too soon to consider a rate cut.

“We probably are past peak inflation," said Cross, former chief economic analyst at Statistics Canada and now senior fellow at the Macdonald-Laurier Institute. "But whether we're on a good easy glide path to come back to the target of inflation, I’m certainly nowhere near as convinced as the Bank of Canada and I'm not sure how confident they are.”

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Inflation won't come down as easily as the Bank of Canada predicts, former top government economist Phil Cross told MNI, meaning investors should heed Governor Tiff Macklem's message that it's far too soon to consider a rate cut.

“We probably are past peak inflation," said Cross, former chief economic analyst at Statistics Canada and now senior fellow at the Macdonald-Laurier Institute. "But whether we're on a good easy glide path to come back to the target of inflation, I’m certainly nowhere near as convinced as the Bank of Canada and I'm not sure how confident they are.”

Keep reading...Show less