In a video posted by the central bank on Monday, Governor Tiff Macklem said on Monday that the Bank of Canada needs to increase interest rates in order to slow spending and give the economy time to catch up. We apologize, but this video didn't load.
Click here to see other videos from our team. In a video tagged AskTheBoC, Macklem said that Canada needs interest rate hikes, inflation is too high, and that the central bank hiked its policy rate by 75 basis points to 3.25 per cent earlier this month.
It is important that inflation gets back down so Canadians can plan their spending and savings, and they don't get surprised by big changes in their cost of living. People with fixed incomes are affected by the high cost of living.
To control inflation, we need higher interest rates to bring it down.
We can avoid higher rates later on by moving fast.https: t.co jqkMGRl 74 r cdneco AskTheBoC pic.twitter. LCUBbakL 9 v -- Bank of Canada September 26, 2022 The Bank of Canada, like many of its global peers, is increasing interest rates in response to inflation running at levels not seen in decades. The bank has faced public criticism of its borrowing costs at a time when many Canadians struggle to afford groceries and other essentials.