Bank of Canada Says Complete Recovery Needed to Withdraw Support
- Macklem argues jobs need to surpass pre-pandemic levels
- Business investment is another indicator being tracked
In a speech titled “The benefits of an inclusive economy,” Bank of Canada Governor Tiff Macklem indicated he won’t be in any rush to hike interest rates even if the economy makes up pandemic losses.
Photographer: Sean Kilpatrick/Canadian Press/Bloomberg
Bank of Canada Governor Tiff Macklem indicated he won’t be in any rush to hike interest rates even if the economy makes up pandemic losses.
In a speech titled “The benefits of an inclusive economy,” Macklem reiterated the central bank will continue to support the economy until a “complete” recovery takes place but added specifics on what that looks like. He cited employment surpassing pre-pandemic levels by about 200,000 and businesses reinvesting again, as well as a healthy jobs market for groups that have been hit hardest by the pandemic such as young women.