The BoC governor also took the opportunity to reassure Canadians that the central bank will keep rising prices under control.
The BoC also moved up its rate hike timeline to next year.
“Surging housing costs, labor costs, energy costs, and second-hand car prices are likely to mean headline inflation then pushes above 6% in December, with core inflation moving above 5%,” said ING chief International economist James Knightley.
We want to see the labor market heal more,” Fed Chair Jerome Powell said at a conference that followed the Fed’s interest rate announcement.
The level of inflation that we have right now is not consistent with price stability,” he said.
During the interview, BoC governor Macklem was also asked about Bitcoin and whether the cryptocurrency is part of Canada’s digital future.