B.C. Premier Urges Bank of Canada to Avoid Further Rate Hikes, Drawing Criticism From Economists

B.C. Premier David Eby wrote to the Bank of Canada urging it not to raise interest rates further, drawing criticism from some economists who say this risks politicizing the bank's policies.
Eby said he was relieved when the bank held rates, citing concerns about the impact on mortgage holders and the construction industry.
Some economists argued Eby's stance risks fueling inflation expectations if the bank bows to political pressure.
Bank of Canada Governor Tiff Macklem stated the bank remains independent in its rate decisions despite political commentary.
Critics say Eby is speaking for homeowners rather than those most impacted by inflation, like low-income people.

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Posted 9/13/2023, 2:06:53 AM