Bank of Canada Governor Says Bank Will Not Review 2% Inflation Target Next Year
The central bank and the finance ministry jointly review the target every five years and formally announce a decision, with the next review set for 2026.
The BoC, as per its mandate, aims to keep inflation at 2%, the mid-point of its 1%-3% target range, and Macklem said while the bank was asking a number of questions before the review next year, the 2% target will not be considered.
"The 2% target has proven its worth in achieving price stability over time...
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