Bank of Canada Governor Macklem comments on CBC News. The BoC have been in rate hike mode to combat rising inflation . there will be a toll on jobs admits Macklem.
- Layoffs are likely to increase in the coming months
- Says the labour market is very tight
- Says Canadians should expect even more rate hikes to come on top of six that have already happened this year
- We think growth is going to be close to zero for the next few quarters, until about the middle of next year
- A mild recession may be the price the bank is willing to pay to bring down inflation
- Monetary policy works
