BOC’s Macklem: Canadians should expect even more rate hikes to come

“Canadians should expect even more rate hikes to come on top of six that have already happened this year,” said Bank of Canada (BOC) Governor Tiff Macklem during an interview with CBC News late Thursday.

Also read: BoC’s Macklem: Canadian economy in excess demand, inflation too high

Additional comments

Layoffs are likely to increase in the coming months.

Labor market is very tight.

We think growth is going to be close to zero for the next few quarters, until about the middle of next year.

A mild recession may be the price the bank is willing to pay to bring down inflation.

Monetary policy works.

USDCAD stays pressured

USDCAD bears take a breather at a seven-week low, around 1.3323 by the pres time, after witnessing the US inflation-inspired slump.