BoC Governor Positive About Economy

Bank of Canada Governor Tiff Macklem conveyed on Tuesday that the inflation figures for March indicated ongoing alleviation of underlying inflationary forces and affirmed positive momentum in the Canadian economy.

Speaking at an event in Washington following the release of data showing Canada’s annual inflation rate for March rising as anticipated to 2.9%, Macklem highlighted that the central bank’s key indicators of underlying price pressures had softened for the third consecutive month.

The Bank of Canada remains vigilant for sustained indications of inflation moderation before considering a reduction in its key policy rate, currently at a near 23-year high of 5%.