OTTAWA—Bank of Canada Gov. Tiff Macklem says the central bank is moving toward a meeting-by-meeting approach on further interest rate increases, based on how the economy responds to its rapid-fire tightening of financial conditions.
“We do expect that interest rates will need to go higher, to get inflation all the way back to the inflation target” of 2%, Mr. Macklem said during the “Policy Speaking” podcast of the Ottawa-based Public Policy Forum. “Exactly how much higher it has to go and for how long they need to stay higher, those are decisions that we’ll take at each meeting going forward.”
