Bank of Canada Governor Tiff Macklem said there is scope to slow the economy based on an “exceptionally high number” of job vacancies in the labour market. Canada’s headline inflation rate dropped to 7.0 per cent in August, with core inflation running at about five per cent. “We need to cool the economy, (but) we don’t want to over- cool the economy,” Mr. Macklem said. Mr. Macklem said parts of the economy that are sensitive to interest rate increases are starting to slow. That’s what we have been what we call front-loading our interest rate increases,” Mr. Macklem added.

Source: CBC News October 09, 2022 20:00 UTC