If the U.S. Federal Reserve continues with its aggressive hiking strategy, that doesn’t mean the Bank of Canada has to follow, according to Randal Quarles, former vice chair of the Fed.
“I think inevitably, given the connections between our economies, there will be sort of significant tracking ,” said the chairman and co-founder of The Cynosure Group, in an interview Wednesday.
Quarles added that the U.S. Federal Reserve will continue to “do what’s necessary” to get inflation under control, and even a recession won’t stop its aggressive hiking strategy. “But if it believes inflationary pressures are still existent, the near expectation of a recession will not change its course.”by 75 basis points for a third-straight time, which lifted the target for the benchmark federal funds rate to a range of three per cent to 3.25 per cent.
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