Bank of Canada Governor Tiff Macklem dismissed allegations of collusion with the cabinet regarding potential pre-election interest rate adjustments, says Blacklock's Reporter.His remarks came in response to questions from MPs following comments made by himself and the Prime Minister regarding a possible rate cut.Macklem addressed the Commons finance committee, stating, "No, there is no pressure. Elections are elections. Monetary policy is monetary policy."Bloc Québécois MP Gabriel Ste-Marie raised concerns about the impact of interest rates amidst speculation about the Prime Minister's actions. Macklem assured, "The answer is no. There is a very good reason why we have an independent central bank, independent from the government. It is exactly to avoid those kinds of issues."Earlier, Macklem had mentioned before the Senate banking committee that a rate cut "would be a confidence booster." Conversely, the Prime Minister had stated in the Commons, "Interest rates will be coming down I am sure in the coming months."Conservative MP Philip Lawrence questioned the timing of these statements, considering the upcoming Bank announcement on rates scheduled for June 5.Macklem reiterated the independence of the Bank's decision-making process and stated that decisions are communicated to the Minister of Finance after they are made.When pressed by MP Lawrence about the Prime Minister's statement, Macklem responded, "We haven’t taken the decision yet."The Bank last adjusted rates upward by a quarter point on July 12, 2023 to 5%.Macklem emphasized, "We know Canadians would like to see lower interest rates.".This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
Bank of Canada Governor Tiff Macklem dismissed allegations of collusion with the cabinet regarding potential pre-election interest rate adjustments, says Blacklock's Reporter.His remarks came in response to questions from MPs following comments made by himself and the Prime Minister regarding a possible rate cut.Macklem addressed the Commons finance committee, stating, "No, there is no pressure. Elections are elections. Monetary policy is monetary policy."Bloc Québécois MP Gabriel Ste-Marie raised concerns about the impact of interest rates amidst speculation about the Prime Minister's actions. Macklem assured, "The answer is no. There is a very good reason why we have an independent central bank, independent from the government. It is exactly to avoid those kinds of issues."Earlier, Macklem had mentioned before the Senate banking committee that a rate cut "would be a confidence booster." Conversely, the Prime Minister had stated in the Commons, "Interest rates will be coming down I am sure in the coming months."Conservative MP Philip Lawrence questioned the timing of these statements, considering the upcoming Bank announcement on rates scheduled for June 5.Macklem reiterated the independence of the Bank's decision-making process and stated that decisions are communicated to the Minister of Finance after they are made.When pressed by MP Lawrence about the Prime Minister's statement, Macklem responded, "We haven’t taken the decision yet."The Bank last adjusted rates upward by a quarter point on July 12, 2023 to 5%.Macklem emphasized, "We know Canadians would like to see lower interest rates.".This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
