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“You can be confident that we will keep the cost of living under control as the economy reopens,” Macklem wrote in the Financial Post on Thursday. “We shouldn’t overreact to these temporary price increases.”
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Macklem keeping inflation expectations in check with call not to overreact, economists say Back to video
The message was familiar. The governor made similar comments when he and his deputies opted on July 14 to keep the benchmark interest rate pinned near zero, despite new forecasts that show inflation will exceed the central bank’s target for at least the next couple of years.