The Governor of the Bank of Canada (BOC), Tiff Macklenmentioned on Friday that the Governing Council discussed the rise in interest rates on Wednesday, when they decided to keep them at 4.50%, as expected.
The BOC Governor reiterated that it may be necessary to keep interest rates at higher levels for longer to bring inflation back to target. As for quantitative tightening, he said it would likely continue through the normalization of interest rates, but could end sooner if the economy needs to be stimulated.
Macklem is in Washington attending the spring meeting of the International Monetary Fund.
Market reaction
The pair USD/CAD It trades around 1.3365, higher on Friday, but on track for the lowest weekly close since February. The Loonie fared better during the week.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
