The Globe and Mail reports in its Saturday, Sept. 17, edition that Bank of Canada Governor Tiff Macklem said in the summer of 2020 in a speech to a virtual gathering of central bankers at the U.S. Federal Reserve's annual Jackson Hole Symposium that a "sea change in central bank communications" was needed to build "a deeper relationship between the central bank and its citizens." The Globe's Mark Rendell writes that two years on, the BOC is now racing to shore up its credibility with Canadians in the face of the highest inflation since the 1980s. It is facing intense criticism from the new Conservative Party Leader, Pierre Poilievre, who made sacking Mr. Macklem a key plank of his leadership campaign. Moreover, communication with the public has moved to the centre of monetary policy. The BOC is now putting a premium on convincing Canadians that the pace of inflation -- which stood at an annual rate of 7.6 per cent in July -- will return to the bank's 2-per-cent target. Senior deputy governor Carolyn Rogers says the BOC is in a "battle for understanding." The BOC has begun timing speeches and media appearances so its officials can provide running commentary on inflation data published by Statistics Canada.
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