Tiff Macklem says he won't settle for anything less than a return to 2% inflation via financialpost
Three governors have had their portraits done since Thiessen stepped aside in 2001. All were champions of setting interest rates to keep the consumer price index increasing at a year-over-year rate of two per cent, while giving themselves wiggle room of between one per cent and three per cent.Article content
Macklem’s predecessor, Stephen Poloz, used to remind audiences and interlocutors that two per cent was the midpoint of a range, not a ceiling.Article content “The range is really to give you an idea of what is a normal variation,” he said. A target, “doesn’t mean you’re not going to be outside the range from time to time, but you should be in the range more than half the time. If you want to be in the range more than half the time, you need to aim for the middle of the range.”Tiff Macklem
The Bank of Canada’s latest forecast predicts headline inflation will still be 2.8 per cent at the end of next year, but will finally drop to the target by the fourth quarter of 2024. There will be considerable debate during the months ahead over whether that outlook is realistic, given that significant changes in the structure of the global economy are beyond Macklem’s control.
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