By Canadian Press

Macklem says he doesn’t think federal budget will have much of an impact on inflation

May 1, 2024 | 3:23 PM

OTTAWA — Bank of Canada governor Tiff Macklem says he doesn’t think the federal budget tabled last month with have much of an effect on inflation. 

Macklem was testifying at a Senate committee alongside senior deputy governor Carolyn Rogers following the central bank’s latest interest rate announcement.

The governor says the spending plan hasn’t changed the federal government’s fiscal track by much. 

Macklem says that’s why he doesn’t expect it to have a significant impact on economic growth or inflation.

Finance Minister Chrystia Freeland’s budget offsets new spending with higher taxes and stronger-than-expected government revenues, which has kept the deficit in check.

WHAT'S ON

Here is what's on this weekend in Medicine Hat and area: Dec. 13-15

6h ago

IN THE COMMUNITY

Medicine Hat's Mustard Seed adding new shelter spaces at Alberta government's request

Dec 12, 2024

HOLIDAYS

Medicine Hat Kiwanis hosting Christmas dinner, applications due Friday

Dec 12, 2024

The Bank of Canada has been encouraged by progress made on getting inflation down and has signalled that it’s inching closer to cutting interest rates. 

This report by The Canadian Press was first published May 1, 2024. 

The Canadian Press