The Globe and Mail reports in its Friday, May 14, edition that Governor Tiff Macklem says the Bank of Canada remains focused on an inclusive economic recovery that brings women, youth and racialized Canadians back into the labour force.
The Globe's Mark Rendell writes that Mr. Macklem says, "We are in the sharpest and most unequal economic cycle in our lifetime." He says low-wage workers have borne the brunt of job losses throughout the pandemic.
Mr. Macklem says: "We won't fully heal the economy until we address these unequal impacts. And rather than just trying to recover to where we were before the pandemic, maybe we can bring the economy to a better place for everyone." At the same time, the bank has taken the most aggressive approach among global central banks in beginning to wind down the extraordinary monetary stimulus launched last spring.
Three weeks ago, the BOC cut its weekly federal government bond purchases by 25 per cent and pulled forward its timeline for a potential interest-rate hike.
Mr. Macklem concedes some of the bank's own actions over the past year may be fuelling inequality. Mr. Macklem says the BOC's outlook for inflation remains largely unchanged from its April projections.
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