FP Answers: Why is the Bank of Canada losing money and does it matter? via financialpost
Higher interest rates will eventually take the heat out of inflation: the consumer price index increased 6.9 per cent in October from a year earlier, down from 8.1 per cent this summer, suggesting price pressures are starting to recede.Article content
“Low inflation is a public good,” Macklem told the finance committee. “We run monetary policy to deliver low and stable inflation,” not to make a profit, he said.Photo by Adrian Wyld/The Canadian Press The size of losses that will ultimately be the responsibility of taxpayers to cover could raise concerns about the Bank of Canada’s independence, since it will need some kind of bailout from Trudeau’s government. Macklem assured the finance committee that the losses would be temporary, but red ink could also make for an easy way for critics to cast doubt on the central bank’s credibility and competence.
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