By Canadian Press

Macklem says he doesn’t think federal budget will have much of an impact on inflation

May 1, 2024 | 2:23 PM

OTTAWA — Bank of Canada governor Tiff Macklem says he doesn’t think the federal budget tabled last month with have much of an effect on inflation. 

Macklem was testifying at a Senate committee alongside senior deputy governor Carolyn Rogers following the central bank’s latest interest rate announcement.

The governor says the spending plan hasn’t changed the federal government’s fiscal track by much. 

Macklem says that’s why he doesn’t expect it to have a significant impact on economic growth or inflation.

Finance Minister Chrystia Freeland’s budget offsets new spending with higher taxes and stronger-than-expected government revenues, which has kept the deficit in check.

1000 Ways to Heal

1000 Ways to Heal: Moons

Dec 10, 2024

Question of the Week

Should Mayor Reid Hamer-Jackson apologize or resign after it was found he breached a section of council's code of conduct for allowing false or misleading information to be communicated?

Dec 09, 2024

One Man's Opinion

COLLINS: Donald has it wrong - again

Dec 08, 2024

The Bank of Canada has been encouraged by progress made on getting inflation down and has signalled that it’s inching closer to cutting interest rates. 

This report by The Canadian Press was first published May 1, 2024. 

The Canadian Press