Tiff Macklem on inflation
From Bank of Canada governor Tiff Macklem discusses economic progress report – March 3, 2022 · · Depictions Media
“With inflation well above our target we are more concerned about the upside risks to inflation than the downside risks. There is certainly considerable space to raise interest rates over the course of the year. If we need to move more quickly we are prepared to do that so I'm not going to rule out a 50 basis point move in the future.”
On , Tiff Macklem, Governor at Bank of Canada, spoke about inflation during Bank of Canada governor Tiff Macklem discusses economic progress report – March 3, 2022 on Depictions Media.
About Tiff Macklem
Tiff Macklem, Governor of the Bank of Canada, has been active in public engagements over the past two months, primarily discussing the central bank's financial stability outlook and monetary policy decisions. On May 28, 2026, Macklem released the Bank’s 2026 Financial Stability Report, stating that Canada’s financial system remains resilient despite global uncertainty, trade tensions, and market volatility. He noted that risks from tariffs and trade uncertainty have been less widespread than initially feared, but warned that geopolitical conflicts and emerging risks tied to artificial intelligence could create new pressures. Macklem also described the mortgage renewal wave as having been managed through household prudence, wage gains, and lower rates, and identified hedge fund leverage in the sovereign bond market as an area of increased risk. On April 29, 2026, Macklem announced the Bank’s decision to hold its policy interest rate at 2.25%, the fourth consecutive hold since October 2025. He stated that Canada’s economy is growing despite global headwinds, but that higher global energy prices are pushing inflation up, squeezing Canadians through higher gasoline and food prices. Macklem said the Bank is focused on ensuring the jump in energy prices does not become persistent inflation, and indicated that if oil prices remain elevated, there may be a need for consecutive rate increases. He also noted that if the United States imposes significant new trade restrictions, the Bank may need to cut rates to support growth. In a separate interview on April 29, Macklem said he was “encouraged” by federal efforts to diversify the economy, grow internal markets, and streamline regulatory approvals to attract foreign investment.