December 11, 2023

Steve McCollum

Bank of Canada Governor Tiff Macklem

The governor of the Bank of Canada said on March 3 that a 25 basis point hike in the policy rate the previous day was “the first step on the road to higher rates”.

The Bank of Canada’s Governing Council cut interest rates to 0.25% in March 2020 and kept rates at that level until its most recent meeting.

He also said ending the central bank’s reinvestment of asset purchases and shrinking its balance sheet “would be a natural next step” after the initial rate hike.but he didn’t