In his first public speech as a deputy governor, Rhys Mendes explains why higher interest rates were needed to get inflation back down to the 2% target and why we want it to stay there.
Deputy Governor Rhys Mendes discusses how monetary policy worked to bring inflation back down to target and why the Bank wants inflation to stay close to 2%.
RemarksTiff MacklemNational Bureau of Economic Research, Economics of Artificial Intelligence ConferenceToronto, Ontario
Bank of Canada Governor Tiff Macklem discusses how artificial intelligence could impact the economy, and outlines some of the implications for monetary policy.
Governor Tiff Macklem talks about how geopolitical, economic and social forces are changing global trade. He also discusses how Canada can benefit from trade shifts and prepare for future supply shocks.
Higher productivity helps keep prices down and wages up. It gives workers more money to spend and increases the value they get when they spend it. And it allows businesses to weather cost increases without having to raise prices. All together, these factors drive economic growth.