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Canadian Imperial Bank of Commerce (CIBC)
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Globe/wire say TD, rivals hear call to act "forcefully"

2022-08-29 08:28 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Monday edition that central banks risk losing public trust and must now act forcefully to combat inflation, even if that drags their economies into a recession, European Central Bank board member Isabel Schnabel said on Saturday. A Reuters dispatch to The Globe reports that inflation is close to double-digit territory in many of the world's top economies and any decline is likely to be slow, keeping prices above central bank targets. Ms. Schnabel told the U.S. Federal Reserve's Jackson Hole Economic Symposium: "Even if we enter a recession, we have little choice but to continue the normalization path. If there was a de-anchoring of inflation expectations, the effect on the economy would be even worse." She also cautioned central banks against pausing on the first sign of a turn in inflationary pressures. Policy-makers should instead signal their "strong determination" to bring inflation back to target quickly, she said. "If the public expects central banks to lower their guard in the face of risks to economic growth -- that is, if they abandon their fight against inflation prematurely -- then we risk seeing a much sharper correction down the road," Ms. Schnabel added.

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