Saying she fully respects ”the independence of the Bank of Canada as it delivers on its mandate to return inflation to target,” Finance Minister Chrystia Freeland says the central bank’s decision to keep it’s key interest rate at 5% ”is welcome relief for Canadians.”
The rate was raised 10-times the past 18-months.
NDP Leader Jagmeet Singh is turning his attention from the central bank to the government.
”It’s time for Justin Trudeau, whose government sets the mandate for the Bank of Canada, to clearly give the message that policies that hurt workers and hurt families are wrong,” according to Singh.
His office even cites a quote form former bank governor David Dodge, who’s said ”there’s always a dialogue between the minister of finance and the governor of the bank, between public servants and staff at the bank.”
The premiers of Ontario, B.C. and Newfoundland and Labrador have sent letters to governor Tiff Macklem arguing rising interest rates are making the cost-of-living crisis worse.