Bank of Canada Governor Tiff Macklem to make year-end speech today

Bank of Canada Governor Tiff Macklem is anticipated to make an finish of the yr speech this afternoon.

The remarks come after the central financial institution hiked its key rate of interest by half a proportion level on Wednesday, bringing it to 4.25 per cent – the very best it has been since January 2008.

Since March, the Bank of Canada has hiked its key rate of interest seven consecutive occasions in an effort to convey inflation down and sluggish the financial system.

The central financial institution signaled final week that it is perhaps able to pause its aggressive price hike cycle however Canadians shouldn’t anticipate charges to begin going again down any time quickly.

After peaking at 8.1 per cent in July, Canada’s annual inflation price has slowed to six.9 per cent in October – nonetheless nicely above the Bank of Canada’s goal price of two per cent.

Macklem’s speech will happen in Vancouver and will likely be hosted the Business Council of British Columbia.

This report by The Canadian Press was first revealed Dec. 12, 2022.