Bank of Canada governor Tiff Macklem says he is pleased that inflation has fallen to two per cent, but the central bank now has to “stick the landing” and keep price growth centred around the target.
That’s according to prepared remarks the governor delivered in Toronto on Tuesday at an event hosted by the Institute of International Finance and the Canadian Bankers Association.
“It has been a long journey. Now we want to keep inflation close to the centre of the one to three per cent inflation-control band,” Macklem said.
The governor said it’s reasonable to expect more interest rate cuts, given the progress made on inflation. He said the pace and timing of cuts will depend on the central bank’s evaluation of the economic data.