15:53:24 EDT Mon 20 May 2024
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Royal Bank of Canada
Symbol RY
Shares Issued 1,414,763,317
Close 2024-05-07 C$ 138.65
Market Cap C$ 196,156,933,902
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FP/CP say CIBC, rivals see Macklem words get twisted

2024-05-07 08:32 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Financial Post reports in its Tuesday, May 7, edition that Bank of Canada Governor Tiff Macklem faces a challenging task every time he appears before the House of Commons finance committee, as members of Parliament seek to question him on monetary policy. A Canadian Press dispatch to the Post reports that MPs -- especially those in opposition -- are keen to ask Mr. Macklem about politically charged issues. As the governor's words carry significant weight, he keeps his responses focused on the implications of fiscal policy on inflation. However, despite Mr. Macklem's best efforts, his words are often taken out of context and repackaged by politicians to serve their own narratives. Parliamentary committees have become increasingly polarized over the past two Liberal minority governments, providing a venue for political theatre outside the House of Commons. During Mr. Macklem's recent appearance in committee, the Conservatives sent out a news release claiming that the governor had confirmed that the federal government's $61-billion in new spending is "not helpful" in bringing inflation down and lowering interest rates. However, what was missing was the fact that Mr. Macklem never singled out federal spending.

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