Governor of the Bank of Canada Tiff Macklem speaks during a news conference on the Bank of Canada's rate announcement in Ottawa on Wednesday, June 5, 2024. THE CANADIAN PRESS/Justin Tang
MONTREAL – Bank of Canada governor Tiff Macklem says public trust in the central bank has been dented by post-pandemic inflation, and it needs to be rebuilt.
The governor made the comments in remarks prepared for a panel discussion at the 2024 Conference of Montreal.
Macklem says the Bank of Canada needs to find ways to explain its policies to a wide range of audiences, including families trying to navigate uncertain times.
He says the recent bout of inflation has made people feel cheated and angry as their paycheques don’t stretch as far as they did before.
Last week, the central bank announced a cut to its key interest rate, the first since a steep hiking cycle that began in March 2022 in an effort to curb inflation.
Since then, the economy has cooled and so has inflation, giving the central bank enough confidence to start lowering interest rates.
This report by The Canadian Press was first published June 12, 2024.
