Bank of Canada Governor Says Inflation Expected to Near 2 Percent by End of 2024

The Bank of Canada (BoC) governor has said he expects to be close to the targeted 2 percent inflation rate by late 2024, but did not commit to lowering the interest rate. Tiff Macklem made the comments during his year-end speech at the Canadian Club in Toronto. “This was our second year of monetary policy tightening and that work is paying off. The economy is no longer overheated, and that is relieving inflationary pressures. Inflation’s come down from just over 8 percent in the middle of last year to 3 percent in October, 3.1 percent in October to be precise,” Mr. Macklem said. “The 2 percent inflation target is now in sight. And while we’re not there yet, the conditions increasingly appear to be in place to get us there. The economy is no longer in excess demand and underlying inflationary pressures are easing in much of the economy.”...