BNN BLOOMBERG POLL: Do you trust the Bank of Canada to get inflation under control?
As criticism piles on from politicians, pundits and interest groups, Bank of Canada governor Tiff Macklem says he's felt no threat to the institution's independence.
Since March, the Bank of Canada has raised its key interest rate six times consecutively, embarking on one of the fastest monetary policy tightening cycles in its history. When asked by reporters Tuesday about the letter, Finance Minister Chrystia Freeland acknowledged the economic pain Canadians are facing but noted that institutional stability is important during challenging economic times, with the Bank of Canada's independence playing an important role in ensuring stability.
He's claimed the bank printed money to enable federal spending, thereby fueling inflation. While running to be leader of the Conservative Party of Canada, Poilievre vowed to fire Macklem if he became prime minister, though he has not explained how he plans to get rid of the governor given the Bank of Canada Act would not give him that power.
Last month, Bank of Canada deputy governor Paul Beaudry said in hindsight, governments and central banks should have withdrawn stimulus measures earlier as economies recovered from the COVID-19 pandemic, which likely would have kept a lid on inflation.
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