OTTAWA — As criticism piles on from politicians, pundits and interest groups, Bank of Canada governor Tiff Macklem says he’s felt no threat to the…
“I do not have any concerns about the bank’s independence being under threat,” Macklem said in an interview with The Canadian Press on Wednesday.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
The ongoing rate hike cycle has sparked loud criticism from progressive voices concerned about the effect it is having on employment, as forecasters are increasingly expecting higher interest rates to trigger a recession. During a news conference on Wednesday, Macklem said the Bank of Canada is facing tough decisions, and when decisions are difficult, the central bank’s independence becomes more important.“Lots of people are giving us advice on what we should do,” Macklem said.“The reason is that there are tough decisions to take, and you do have to look longer term. And it’s at times like this, that when it’s difficult, that you see the value of the independence of central banks.
In response to claims that the Bank of Canada printed money, the central bank took to social media this summer to try to set the record straight, though that has not stopped members of the Conservative party from attacking the central bank.Article content In its latest monetary policy report, the Bank of Canada revised its economic projections, now accounting for a significant economic slowdown.Article content