If governments follow through with spending plans for 2024, it would mean "government spending is starting to get in the way of getting inflation back to target" of 2%, Macklem told members of a Senate committee.
"We have built that into our forecast. We do get back to target but it takes some time," he added. If governments spend less, "it would be easier to reduce inflation," Macklem said. It looks like there could be more federal spending on the way because Finance Minister Chrystia Freeland has said she will unveil measures in the FES to help Canadians tackle housing and affordability.
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