Canada's economy has scope to slow with 'exceptionally high' vacant jobs -central bank gov
Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. REUTERS/Blair Gable/File Photo
In an interview aired on CBC Radio on Sunday, Macklem said the current inflation fight is the biggest test the central bank has faced since it started targeting inflation 30 years ago. "When we look at the economy right now, there is an exceptionally high number of vacant jobs ... that's a clear signal that there is scope to slow the economy, without a lot of people put out of work," he added.
The Bank of Canada has raised its benchmark interest rate by 300 basis points since March, one of its steepest and fastest tightening cycles ever. Economists and money markets are leaning toward a 50-basis-point increase on Oct. 26.
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