Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bank of Canada says it must communicate clearly on inflation - newspaper

Published 09/17/2022, 03:44 AM
Updated 09/17/2022, 03:45 AM
© Reuters. FILE PHOTO: A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie/File Photo

© Reuters. FILE PHOTO: A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie/File Photo

(Reuters) - The Bank of Canada's senior deputy governor, Carolyn Rogers (NYSE:ROG), says the current period of high inflation has focused the central bank's efforts to communicate clearly and concisely, the Globe and Mail newspaper reported late on Friday.

The Bank of Canada has been trying to simplify its public outreach for a number of years, publishing videos and plain-language explainers of monetary policy.

"The best way to keep Canadians' expectations on inflation low is to get inflation back to target," Rogers told the Globe and Mail. "But in the meantime, we think that the more Canadians understand what we're doing, and why we're doing it, the more trust they'll build in the Bank of Canada."

© Reuters. FILE PHOTO: A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie/File Photo

The Bank of Canada hiked interest rates to 3.25% from 2.50% earlier this month, to their highest level in 14 years, and signaled its most aggressive tightening campaign in decades was not yet done as it battles to tame inflation.

"The scenario that we're worried about is that Canadians look at the current rate of inflation, they think it's here to stay, they start incorporating that thinking into long-term decision making," the newspaper quoted Rogers as saying in a news conference after the rate hike.

Latest comments

Canada. The land of the totalitarian state.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.