Bank of Canada governor Tiff Macklem said he does not see Ottawa’s fiscal policy as working against efforts to tame inflation.
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Bank of Canada governor Tiff Macklem told MPs on the House of Commons finance committee that he does not think the federal government’s fiscal policy is at odds with the central bank’s efforts to control inflation.
Macklem made the comments this morning in Ottawa, two days before the Liberal government plans to table its 2026 federal budget.
Conservative finance critic Michael Chong asked Macklem for his opinion on the government’s affordability efforts, but Macklem declined to answer directly.
The governor said he only comments on the government’s fiscal policy when spending is approaching unsustainable levels, or when the government’s actions are working against the Bank of Canada’s efforts to tame inflation.
Macklem said he does not see either of those situations occurring today.
Last week, the Bank of Canada increased its benchmark interest rate for the first time in more than three years in an attempt to get ahead of inflation pressures.
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