OTTAWA -Bank of Canada Governor Tiff Macklem, who in February said the federal government should avoid a major spending increase, on Friday said this week's federal budget had not significantly altered Canada's fiscal path.
Last November the government vowed to lower the federal debt as a share of GDP for the 2024-25 fiscal year and maintain the ratio declining thereafter, and keep the deficit from exceeding 1% of GDP from 2026-27.In February, he had said large spending increases in the budget could get in the way of bringing inflation back down to the bank's 2% target.
He reiterated that the bank - which has kept interest rates close to a 23-year high of 5% since last July - would need to see more sustained evidence that inflation was coming down before it could consider a rate cut.
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