{"id":12054,"date":"2021-07-21T14:24:47","date_gmt":"2021-07-21T14:24:47","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/07\/21\/tiff-macklems-dashboard-charting-economys-exit-from-pandemic-puzzle\/"},"modified":"2021-07-21T14:24:47","modified_gmt":"2021-07-21T14:24:47","slug":"tiff-macklems-dashboard-charting-economys-exit-from-pandemic-puzzle","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/07\/21\/tiff-macklems-dashboard-charting-economys-exit-from-pandemic-puzzle\/","title":{"rendered":"Tiff Macklem&#8217;s dashboard: Charting economy&#8217;s exit from pandemic puzzle"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> Governor Tiff Macklem has said that the path of interest rates will be determined by an array of indicators. We\u2019ve done our best to reverse engineer what Macklem\u2019s dashboard looks like by turning clues about the data the central bank cares about into charts, and then updating them when new numbers arrive. <\/p>\n<div class=\"article-meta\">\n<div class=\"published-by\">\n<p>Author of the article:<\/p>\n<p> <span class=\"published-by__author\">Kevin Carmichael<\/span> <\/div>\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">Jul 21, 2021<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">23\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">1 minute read<\/span> \u00a0\u2022\u00a0 <span>  <span class=\"comment-bubble\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"16\" viewbox=\"0 0 24 24\" width=\"16\"><path d=\"M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z\"\/><\/svg><\/span> Join the conversation  <\/span> <\/div><\/div>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio featured-image-category__economy\"><\/picture><\/figure>\n<\/div>\n<div id=\"\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Bank of Canada Governor Tiff Macklem has one objective: managing inflation, which the central bank defines as keeping the Consumer Price Index (CPI) advancing at an annual rate of about two per cent.<\/p>\n<\/p><\/div>\n<div id=\"\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The pandemic has made hitting that target more difficult than usual. The CPI is running well in excess of three per cent. In isolation, that implies that Macklem has left interest rates too low for too long.<\/p>\n<p>But context is important. The Bank of Canada is betting the current burst of inflation is being exaggerated by a short-term imbalance of supply and demand; once suppliers expand to meet the desire of liberated consumers to spend, the wild price increases of recent months should subside. In fact, Macklem worries that deflationary forces continue to linger under the surface. Labour markets still are weak, suggesting demand could be lacklustre once the euphoria of release from COVID-19 lockdowns wears off.<\/p>\n<p>It\u2019s a puzzle, and it won\u2019t be solved by watching a few headline numbers such as the CPI and the unemployment rate. So, the Financial Post has assembled an array of indicators in an attempt to recreate the dashboard that Macklem might be using to help him decide the trajectory of interest rates. When most of the gauges have pushed past their pre-pandemic levels, Macklem and deputies at the Bank of Canada probably will be ready to start raising interest rates. As a quick scan of the dials will show, that won\u2019t be happening anytime soon.<\/p>\n<p> <iframe loading=\"lazy\" frameborder=\"0\" height=\"4000\" id=\"\" src=\"https:\/\/view.ceros.com\/postmedia-network\/economy-tracker\" style=\"--height: 4000px; \" width=\"700\"><\/iframe> <\/p>\n<p>_____________________________________________________________<\/p>\n<p data-async=\"\"><strong><em>\u00a0If you liked this story, sign up for more in the FP Economy newsletter.<br \/><\/em><\/strong><\/p>\n<p>_____________________________________________________________<\/p>\n<\/p><\/div>\n\n<br \/>Tiff Macklem&#8217;s dashboard: Charting economy&#8217;s exit from pandemic puzzle<\/a><br \/>\n<br \/>2021-07-21 14:24:47<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Governor Tiff Macklem has said that the path of interest rates will be determined by an array of indicators. We\u2019ve done our best to reverse&#8230;<\/p>\n","protected":false},"author":2,"featured_media":12055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/07\/macklem-dashboard-main-art.png?quality=90&strip=all&w=288","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-12054","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/12054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=12054"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/12054\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/12055"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=12054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=12054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=12054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}