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Bank of Canada’s Tiff Macklem Says Central Bank Needs to Normalize Policy Quickly
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OTTAWA–The Bank of Canada needs to raise its benchmark interest rate closer to its neutral level, which is between 2% and 3%, on an expedited basis before pausing to see how the economy responds, Gov. Tiff Macklem said Thursday.
Mr. Macklem said central bank officials will be watching closely the impact that higher rates will have on domestic spending patterns, as they embark on an aggressive set of rate increases to get inflation—which in March rose to a fresh three-decade high—back to the Bank of Canada’s 2% target.
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