Tiff Macklem

Governor, Bank Of Canada

Search every verified Tiff Macklem interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Bank of Canada Governor Tiff Macklem has held the policy interest rate at 2.25 per cent through multiple decisions in mid-2026, citing a weak economy that is "not clearly in recession" and elevated inflation driven by the conflict in the Middle East and ongoing U.S. trade uncertainty. Macklem stated that economic growth has resumed after stalling, with consumers showing resilience and businesses adapting, but he described the economy as being in excess supply with a soft labor market. He said the bank is prepared to look through the near-term effects of higher oil prices but warned that if energy prices remain elevated and begin to spill over into other goods and services, "we will not let higher oil prices become persistent inflation." Macklem outlined two main risks to the outlook: if the U.S. imposes significant new trade restrictions, the bank may need to cut rates to support growth; if the Middle East conflict continues and higher energy prices lead to generalized inflation, "there may be a need for consecutive increases in the policy rate." He noted that businesses are increasingly recognizing that the trade relationship with the U.S. "is not going back to where it was" and that "waiting is not going to be a winning strategy." Macklem also said the bank does not publish an interest rate path, cautioning that too much forward guidance can become "false precision" and confusing.