Bank of Canada governor Tiff Macklem says the central bank is ready to step in if stress in the global banking system affects Canada, but emphasized it won't back off from its inflation fight as it works to bring inflation down to its two per cent target.
According to prepared remarks Macklem is delivering at the Toronto Region Board of Trade today, the governor addresses the recent stress in the global banking system that was set off by the collapse of Silicon Valley Bank in the United States.
Macklem concedes that financial instability raises the odds of a sharper economic downturn, but says achieving both financial stability and price stability is important and that the two are related.
The governor says the central bank has separate tools to address both mandates and that the Bank of Canada will take into consideration the interacting effects between financial stress and inflation.
If financial stress leads to tighter borrowing conditions that make loans more expensive and harder to get, he says the governing council would take this into consideration when setting the policy rate.
But though inflation has fallen significantly from its peak of 8.1 per cent last summer, Macklem stresses that the Bank of Canada's job is not done just yet and there is work to do before it can move below three per cent.
This report by The Canadian Press was first published May 4, 2023.
The RCMP is alleging Indian diplomats and consular officials based in Canada engaged in clandestine activities linked to serious criminal activity in this country, including homicides and extortions.
'Escalating incidents' between two Hamilton high schools are believed to be connected to a car crash last week that left a 15-year-old boy dead, police say.
The father of a 10-year-old girl found dead in her home in England fled to Pakistan and called U.K. police from there to say he had killed her, a jury heard Monday.
As provincial elections play out in British Columbia, Saskatchewan and New Brunswick this month, there are pledges to provide more fertility treatment coverage.
A major American retailer has stopped selling its new winter-themed candle over backlash from shoppers who said its design resembled Ku Klux Klan hoods.
An outbreak of a rare parasitic disease has been linked to undercooked bear meat eaten by dozens of people at a gathering in North Carolina, a new U.S. CDC report has revealed.
Four guests at an Airbnb east of Toronto made off with a quarter of million dollars worth of jewelry following their stay, police say.
Embattled B.C. Conservative candidate Brent Chapman is under fire once again, this time for past Facebook comments casting doubt on the official accounts of mass shooting events in Canada and the U.S.
The Alberta government is proposing additional restrictions on wind and solar farms that conservationists think are more about limiting renewable energy than protecting the environment.
Embattled B.C. Conservative candidate Brent Chapman is under fire once again, this time for past Facebook comments casting doubt on the official accounts of mass shooting events in Canada and the U.S.
'Escalating incidents' between two Hamilton high schools are believed to be connected to a car crash last week that left a 15-year-old boy dead, police say.
British Columbia's New Democratic Party says it is responsible for a parody social media post that has B.C. Conservative Leader John Rustad promising to bring back McDonald's McRib sandwiches.
Four guests at an Airbnb east of Toronto made off with a quarter of million dollars worth of jewelry following their stay, police say.
The Alberta government is proposing additional restrictions on wind and solar farms that conservationists think are more about limiting renewable energy than protecting the environment.
Students are returning to a Jewish girls' school in Toronto two days after it was struck with gunfire for the second time this year.
Florida counties hard hit by Hurricane Milton are returning to a semblance of normalcy, with power restored to most areas on Monday, gas stations reopening and students preparing to return to school.
A bus carrying university students crashed and overturned on a highway in northeastern Egypt Monday, killing 12 people and injuring 33 others, the health ministry said in a statement.
San Francisco prosecutors made opening statements Monday in the murder trial of a tech consultant charged in the stabbing death of Cash App founder Bob Lee, previewing a timeline of events before the death and attempts afterward by the defendant to hide what he did.
Russia said Monday it captured the village of Levadne in southern Ukraine as it probes for weaknesses along the war 's roughly 1,000-kilometre (600-mile) front line, including in eastern areas that are the main focus of Moscow's military effort before winter arrives.
An Israeli airstrike hit an apartment building in northern Lebanon on Monday, killing at least 21 people, according to the Lebanese Red Cross.
Sean 鈥淒iddy鈥 Combs was hit Monday with a new wave of lawsuits accusing him of raping women, sexually assaulting men and molesting a 16-year-old boy 鈥 the first time he鈥檚 been sued by a person alleging they were abused as a minor.
The RCMP is alleging Indian diplomats and consular officials based in Canada engaged in clandestine activities linked to serious criminal activity in this country, including homicides and extortions.
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As provincial elections play out in British Columbia, Saskatchewan and New Brunswick this month, there are pledges to provide more fertility treatment coverage.
Your nose may be more powerful than you think.
An outbreak of a rare parasitic disease has been linked to undercooked bear meat eaten by dozens of people at a gathering in North Carolina, a new U.S. CDC report has revealed.
A NASA spacecraft rocketed away Monday on a quest to explore Jupiter鈥檚 tantalizing moon Europa and reveal whether its vast hidden ocean might hold the keys to life.
Indian authorities are warning locals to be careful after a leopard was seen sauntering past a police station late last week.
The 15th-century explorer Christopher Columbus was a Sephardic Jew from Western Europe, Spanish scientists said on Saturday, after using DNA analysis to tackle a centuries-old mystery.
Canadian stand-up comedian and former talk show host Mike Bullard has died.
Jamie Foxx hadn鈥檛 been on stage for 18 years, but he returned recently for a very special reason.
Ariana Grande performed one of her greatest hits on the latest episode of 'Saturday Night Live' 鈥 her famed Celine Dion impression.
The Nobel memorial prize in economics was awarded Monday to three economists who have studied why some countries are rich and others poor and have documented that freer, open societies are more likely to prosper.
A major American retailer has stopped selling its new winter-themed candle over backlash from shoppers who said its design resembled Ku Klux Klan hoods.
A B.C. Supreme Court judge has ruled on a case she describes as a "bizarre mess" in a decision issued earlier this week.
S岣祑x瘫w煤7mesh 脷xwumixw (Squamish Nation) Chef Paul Natrall, the man behind Indigenous food truck Mr. Bannock, is bringing cooking classes on First Nations fare to schools and offices throughout Metro Vancouver.
The Celtic Colours Festival is taking place at venues around Cape Breton Island in Nova Scotia from Oct. 11 to 19.
This spooky season some people are opting to recycle old costumes in a bid to make Halloween more sustainable 鈥 and affordable.
Major League Baseball's postseason is averaging 3.33 million viewers going into the league championship series, an 18% increase over last year's average of 2.82 million.
Utah Hockey Club right-wing Dylan Guenther, Winnipeg Jets goaltender Connor Hellebuyck and Vegas Golden Knights center Jack Eichel have been named the NHL鈥檚 three stars of the week.
It was a record breaking year at the Valley Harvest Marathon in Wolfville, N.S., on Saturday and Sunday.
The Ontario Provincial Police says the number of fatal collisions caused by distracted driving on the roads it patrols has increased by 40 per cent compared to this time last year.
Tesla CEO Elon Musk unveiled on Thursday his vision of a 'a fun, exciting future,' an 'age of abundance' full of his company鈥檚 self-driving cars without steering wheels, parking lots turned into parks and robots that will walk among the population 鈥 that he once again promised would be available within a few years.
Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.
S岣祑x瘫w煤7mesh 脷xwumixw (Squamish Nation) Chef Paul Natrall, the man behind Indigenous food truck Mr. Bannock, is bringing cooking classes on First Nations fare to schools and offices throughout Metro Vancouver.
The Celtic Colours Festival is taking place at venues around Cape Breton Island in Nova Scotia from Oct. 11 to 19.
Sometimes love is written in the stars, but for one couple, it鈥檚 written in the aurora borealis.
Canadian hip hop artist Dillan King says running 100 marathons in 100 days was not only the hardest thing he has ever done, but the 'proudest accomplishment' of his entire life.
James Taylor never expected to be walking home with a bag full of groceries he didn't buy.
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Four guests at an Airbnb east of Toronto made off with a quarter of million dollars worth of jewelry following their stay, police say.
Calgary libraries will reopen on Wednesday following a cyber security breach.
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The Ottawa Police Service is investigating a possible assault that left one man with serious burns on Monday morning.
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Saskatchewan residents have just a few more days to catch a rare glimpse of a comet visible to the naked eye, streaking across the western skies at dusk.
With Saskatchewan's election set for Oct. 28, many voters may be wondering what candidates are running in their local ridings.
As provincial elections play out in British Columbia, Saskatchewan and New Brunswick this month, there are pledges to provide more fertility treatment coverage.
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A major American retailer has stopped selling its new winter-themed candle over backlash from shoppers who said its design resembled Ku Klux Klan hoods.
One person has died and three others were transported to hospital following a three-vehicle collision in St. Clair Township
Smash Pickleball is the region鈥檚 only indoor facility dedicated specifically to the sport.
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The Busby Centre in Barrie held a first-ever Thanksgiving meal Monday afternoon, serving meals to more than 150 people.
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A key assumption about dwindling numbers of southern resident killer whales pins the blame on a lack of salmon, but a study out of the University of British Columbia has found they have twice the number of chinook available in summer as their much healthier cousins, the northern residents.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
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Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
The Vancouver Giants scored late to force overtime before winning 4-3 over the Lethbridge Hurricanes Friday night.
If you鈥檙e looking for something to do this long weekend, the Lethbridge Corn Maze is open and hosting its annual fundraiser on Monday.
Local photographers were amazed by the aurora borealis display in the night sky over Lethbridge on Thursday night.
A 36-year-old man is charged with drug-impaired and dangerous driving after a head-on crash in northwest Ontario last Thursday.
Provincial police in Hearst, Ont., stopped an unlicensed northwestern Ontario driver for a聽morning traffic infraction.
A 32-year-old woman has been charged in connection with the death of an 18-year-old man this past January, according to Ontario Provincial Police.
A five-hour drive from St. John's, N.L., and well off the beaten path, Point Leamington seems an unlikely spot for a one-of-a-kind tourist attraction.
A Conservative MP from Newfoundland and Labrador says some small towns in his rural riding are overrun with crime, but police say they haven't received reports to that effect.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
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