Canada’s Tiff Macklem Insists ‘Rate Increases Are Warranted,’ Canadian Columnist Says Central Bank’s Governor ‘Needs to Go’ – Economics Bitcoin News

Canadians have been dealing with rising inflation and the Bank of Canada raising the benchmark interest rate following more than two years of monetary easing tactics. On Sunday, Canadian central bank governor Tiff Macklem explained that “reasonably good harvests” will contribute to reducing food inflation. The day before Macklem’s statements on CBC Radio, Canadian columnist Lorne Gunter published an opinion editorial that insists the “Bank of Canada governor needs to go.”

Macklem Stresses ‘Further Interest Rate Increases Are Warranted’ to Battle Inflation, and ‘Reasonably Good Harvests’ Could Bring Food Inflation Down

This past weekend Twitter’s vertical trends had shown that Canadians are upset with the Bank of Canada’s money supply expansion, red-hot inflation, and Justin Trudeau’s government spending habits. The Bank of Canada’s governor Tiff Macklem said Canada’s economic woes stemmed from supply chain issues, and the rising costs of shipping rates. Canada’s central bank governor placed the blame on these issues on Thursday during a speech to the Halifax Chamber of Commerce. Macklem further stressed at the event that fuel demand was sparked by Canadians increasing their desire to travel following the Covid-19 lockdowns.

Macklem remarked that the elevated inflation levels support the idea that the Canadian central bank needs to continue lifting the benchmark interest rate. “The clear implication is that further interest rate increases are warranted. Simply put, there is more to be done,” the Bank of Canada’s governor added on Thursday. On Sunday, Macklem appeared on the CBC Radio broadcast, and he said that food inflation was set to slow down and he wanted to let Canadians know that “reasonably good harvests” will likely push inflation down, at least in terms of food inflation.

“I am actually hopeful that at least food inflation, which is not quite the same thing as food prices, is going to come down because in Canada in a number of other countries there have been reasonably good harvests,” Macklem said during his CBC Radio interview….