Macklem to appear before Senate banking committee

OTTAWA — Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers are expected to testify before the Senate banking committee this evening.

Last week, the central bank raised interest rates for the sixth consecutive time this year. 

The Bank of Canada hiked its key interest rate by half a percentage point on Wednesday and signalled interest rates would have to rise further to clamp down on decades-high inflation.

Canada’s annual inflation rate was 6.9 per cent in September but has been steadily declining since reaching its highest rate this year of 8.1 per cent in June.

The Bank of Canada also released its latest monetary policy report last week, which suggested the Canadian economy is headed for a significant slowdown toward the end of the year and into the first half of 2023. 

Bank of Canada officials are typically called in to testify following the release of the April and October monetary policy reports.