At this stage, a soft landing is wishful thinking: former Bank of Canada economist
The Bank of Canada hiked its overnight interest rate by a full percentage point earlier this summer — a move so large and so swift that it would have been unimaginable not too long ago.
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This week on Down to Business, Jean-Paul Lam a professor at the University of Waterloo's Dept of Economics and a former assistant chief economist at the Bank of Canada talks about interest rates and inflation.
Lam believes that central banks fell behind the curve and missed crucial signals about the economy because of the tightening of interest rates in Canada, the U.S. and elsewhere.
When will inflation die down, especially when some of the longer-term causes, such as the Pandemic, persist?